TMI Blog2017 (3) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... of auction. Before, the finalization of the auction can be done, the bid offered by the bidders shall be brought to the notice of this court as required under the Act, and the Company Court Rules. An endeavour shall be made by both the parties to ensure that the auction is carried out efficiently. The applicant is permitted to appoint a Valuer within a period of one week from the date of receipt of certified copy of this order. The Valuer so appointed is directed to assess the valuation of the property in dispute within a period of fifteen days from the date of visiting the property. The Official Liquidator is directed to permit the Valuer, along with the applicant, for having assess to the property in question, on the date and the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thers had mortgaged the property in question with the bank. Subsequently, the Company defaulted in repayment of the loan amount. Therefore, the bank filed an Original Application, namely O.A. No. 1019/2012, before the Debts Recovery Tribunal, Bangalore. The said proceedings are still pending before the Debts Recovery Tribunal. 3. By Assignment agreement dated 26.03.2014, the Bank had assigned the financial assets of the Company to the applicant, together with underlying security interest therein, under the provisions of SARFAESI Act. Therefore, according to the applicant, it has stepped into the shoes of the State Bank of India. 4. Meanwhile, by order dated 04.12.2012, this Court had directed the winding up of M/s. Shakambari Fashions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the applicant submits that under Rule 8 of the SARFAESI Act 2002, it is yet to appoint a Valuer for valuing the assets. However, as the possession of the land and building is with the Official Liquidator, the Valuer cannot have any access to the land. Therefore, the learned counsel for the applicant also seeks directions from this court to direct the Official Liquidator to give access to the Valuer appointed by the applicant so that proper valuation report can be prepared. To this request, Mr. K.S. Mahadevan submits that the Official Liquidator also already gotten the property assessed and valued by a duly appointed Valuer. Therefore, there may not be any need for the applicant to the valuation of the assets done. 9. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of visiting the property. The Official Liquidator is directed to permit the Valuer, along with the applicant, for having assess to the property in question, on the date and the time fixed by the applicant. 12. Once the valuation report is prepared by the Valuer appointed by the applicant, the applicant and the Official Liquidator shall declare the reserve price of the assets within fifteen days thereafter. The Official Liquidator is directed to issue an advertisement within a period of fifteen days from the date the reserve price is agreed upon by the parties. The auction shall be held after a period of thirty days from the date of advertisement; the report with regard to the bids offered shall be submitted before this Court with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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