TMI Blog2019 (5) TMI 794X X X X Extracts X X X X X X X X Extracts X X X X ..... there shall be no order as to costs. - WRIT PETITION Nos. 43368 OF 2018 AND 4994 OF 2019 - - - Dated:- 12-3-2019 - SRI V RAMASUBRAMANIAN, SRI ABHINAND KUMAR SHAVILI, JJ. For The Petitioner : DEEPAK MISRA For The Respondent : V DYUMANI COMMON ORDER: ( Per Hon ble Sri Justice V. Ramasubramanian) Challenging a conditional order of stay passed by the Debts Recovery Tribunal (DRT) in an application for stay of auction, the borrower company came up with one writ petition in W.P. No.43368 of 2018. 2. On 29.11.2018, when the writ petition, W.P. No.43368 of 2018, came up for orders as to admission, this Court passed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he sale shall not be confirmed. 3. Subsequently the matter came up on 13.12.2018, and this Court directed the impleadment of the highest bidders in the auction sale. The order passed on 13.12.2018 reads as follows: The learned counsel for the Bank shall furnish the details of the names and addresses of the highest bidders in respect of the properties at serial Nos.5, 9 and 10, in which only confirmation letters have been issued and also in respect of the property at serial No.7 for which a sale certificate has also been issued. The details shall be furnished to the counsel for the petitioner within two days. Immediately upon the details being furnished, the counsel for the petitioner shall file ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sourab Agarwal, learned counsel for respondent No.4. 5. Thereafter, it was brought to the notice of this Court that the provisions of Insolvency and Bankruptcy Code (IBC), 2016 were invoked as against the borrower company viz., RCM Infra Structure Limited, and that a resolution professional had been appointed. Therefore, in the light of the subsequent development that had taken place on 03.01.2019, we found that the company could not maintain the writ petition any further. 6. However, contending that the guarantors properties may not be covered by the resolution process pending before the National Company Law Tribunal (NCLT) under the IBC, 2016, the individual guarantors have come up with the next writ pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r would now like to undertake a due diligence. But, the same cannot be permitted after the auction, since the sale is always in AS IS WHERE IS CONDITION . 11. Today, the guarantors, who are the petitioners in the second writ petition, are offering to pay amounts higher than the highest bids in respect of three properties viz., (i) House Plot Nos.56 and 57, admeasuring 611 square yards in Sy.No.924 of Bramarambika Enclave, situate in Koheda village, Hayathnagar Mandal, Rangareddy District; (ii) Plot No.75, H.No.4-106/16, admeasuring 336 square yards situate in Sy.No.9 (2), Bahadurguda village, L.B. Nagar, Hyderabad East, Ranga Reddy District; and (iii) Open Plot at Matrusri Co-op. Housing Society Limited, admeasuring 1625 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
