Pursuant to this notice and a further notice issued under Section 13(4) of the Act, the bank also took physical possession of the property on 19 May 2009. Thereafter, the bank valued the property and put the same up for public auction. The Applicants have purchased this property in the public auction conducted by the Bank. A sale certificate dated 5 May 2014 has been issued by the Saraswat Bank in favour of the Applicants. The sale certificate acknowledges the payment by the Applicants of the full auction sale price Rs.2.76 crores to the Bank on as is where is basis and confirms the bank having handed over possession of the subject property together with the title deeds to the Applicants. The purchase of the subject property has been registered in favour of the Applicants with the Subregistrar of Assurances. In the premises, the Applicants, who are in physical possession of the subject property, seek an order against the Official Liquidator directing him to handover formal possession of the property to the Applicants. The present Company Petition was admitted on 5 September 2012. The petition was finally allowed and winding up order passed on 19 January 2015.
