T.Manoj v. M.Thavamani
Case brief
What is this about?
Permission granted to secured creditor to sell schedule-I property at announced uplift value Rs.1,01,94,240/- following fresh valuation accepted by Court.
What did the court decide?
Permission to sell property by advertisement in one English and one Tamil daily with upset price Rs.1,01,94,240/-
What the court decided
Application No.169 of 2023
Application (IP) No.169 of 2023 ABDUL QUDDHOSE, J.
This application has been filed by the secured creditor seeking permission of this Court to sell the schedule-I mentioned property for its present value.
- The learned Official Assignee had objected earlier with regard to valuation, based on which, the property was brought for sale by the applicant. According to him, the valuation was done as early as in the year 2015 and therefore, the said valuation cannot be taken as yardstick. This Court had, therefore, directed the Official Assignee to independently obtain a valuation report for the property, which is sought to be brought for sale by the secured creditor, namely, applicant herein.
- The learned Official Assignee has also submitted a report dated 22.09.2023 before this Court in compliance with the directions issued by this Court including latest valuation report submitted by Engineer Mr.P.Anbarasan. As seen from the valuation report dated 22.09.2023, the market value of the property is determined at Rs.1,24,32,000/- and forced
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Application No.169 of 2023
sale value is determined at Rs.1,01,94,240/-.
Issues for consideration
1 issue framed by the court
Whether secured creditor can be permitted to sell schedule-I property after valuation objection by Official Assignee
Parties & counsel
- applicant
Secured Creditor
- respondent
Official Assignee
Coram
Abdul Qud Hose
Case details
As recorded by the court registry
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