In a civil execution matter concerning an auction of property units, the court allowed the applicant's prayer to reduce the upset price by 30% per unit after finding no bidders participated at the fixed price.
Upset price for units reduced by another 30% for all units of the property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
(ORDINARY ORIGINAL CIVIL JURISDICTION)
WEDNESDAY, THE 24th DAY OF FEBRUARY 2021
THE MASTER
A.No.655 of 2021 in E.P.No.89 of 2018 in Arbitration Award dt.15.1.18 ILMS Home Park Private Limited, having its Office at 602, Hallmark Business Plaza, Sant Dnyaneshwar Marg, Opp.Gurunanak Hospital, Bandra (East), Mumbai 400 051. .. Petitioner/Decree Holder Vs 1.Land Marvel Homes, (A Partnership firm having Regn No.362 of 1999 dated 24-06-1999) Acting through Partners Mr.M.Veerashekar, Mr.M.Palaniappan, Mr.M.Arivazhagan and Mr.M.Vinayagharaa 45/47, First Main Road, 3rd Floor, Gandhi Nagar, Adyar, Chennai 600 020.
2.Mr.M.Veerashekar, Partner of M/s.Land Marvel Homes, No.38, M.G.Ramachandran Road, Kalakshetra Colony, Besant Nagar, Chennai 600 090.
3.Mr.M.Palaniappan, Partner of M/s.Land Marvel Homes, https://hcservices.ecourts.gov.in/hcservices/ No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020.
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4.Mr.M.Arivazhagan, Partner of M/s.Land Marvel Homes, No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020.
5.Mr.M.Vinayagharaaj, Partner of M/s.Land Marvel Homes, No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020. .. Respondents /Judgment Debtors
A.No.655 of 2021:
ILMS Home Park Private Limited, having its Office at 402, Hallmark Business Plaza, Sant Dnyaneshwar Marg, Opp.Guru Nanak Hospital, Bandra (East), Mumbai 400 051. .. Applicant/Petitioner /Decree Holder Vs
1.Land Marvel Homes,
(A Partnership firm having Regn No.362 of 1999 dated 24-06-1999) Acting through Partners Mr.M.Veerashekar, Mr.M.Palaniappan, Mr.M.Arivazhagan and Mr.M.Vinayagharaa 45/47, First Main Road, 3rd Floor, Gandhi Nagar, Adyar, Chennai 600 020. ..Respondent No.1/ Respondent No.1 / Judgment Debtor No.1
2.Mr.M.Veerashekar, Partner of M/s.Land Marvel Homes, No.38, M.G.Ramachandran Road, Kalakshetra Colony, Besant Nagar, Chennai 600 090. ..Respondent No.2 Respondent No.2 / Judgment Debtor No.2
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3.Mr.M.Palaniappan,
Partner of M/s.Land Marvel Homes, No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020.
..Respondent No.3/Respondent No.3 /Judgment Debtor No.3
4.Mr.M.Arivazhagan, Partner of M/s.Land Marvel Homes, No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020. ..Respondent No.4/Respondent No.4 /Judgment Debtor No.3
5.Mr.M.Vinayagharaaj, Partner of M/s.Land Marvel Homes, No.25, 12th Cross Street, Shastri Nagar, Adyar, Chennai 600 020. ..Respondent No.5/Respondent No.5 /Judgment Debtor No.5
Application praying that this Hon'ble Court be pleased to
reduce the upset price for the units in lb Road Property by at least 30% per unit as stated in Schedule B to the master summons to this application.
Application coming on this day before this court for hearing the court
made the following order:-
Heard the counsel for Applicant. The counsel for Respondent raised objection to reduce the upset price. Case records perused. This court is of
the view that since there were no bidders for the property when the upset https://hcservices.ecourts.gov.in/hcservices/ price was fixed at Rs.17.5 Crores, the price could be reduced to some
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extent, in the interest of Justice. Accordingly, the upset price is fixed by reducing another 30% for each of the units of the property. Application is allowed.
Sd./-MASTER
24/02/2021
//Certified to be true copy//
Dated at Madras this the day of 2021.
COURT OFFICER(O.S.)
jj 12/02/2021
From 25th Day of September 2008 the Registry is issuing certified copies
of the Orders/Judgments/Decrees in this format.
2 issues framed by the court
Whether the upset price for the auctioned property units should be reduced in the interest of justice due to lack of bidders?
Whether the upset price can be reduced by 30% per unit as prayed by the applicant?
THE MASTER
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
