Disposed

Sri K.L. Sreedhar Reddy, v. M/s Midwest (India) Investors Welfare Association

Telangana HC27 Apr 2012OSA/54/2011

Case brief

AI extract

What is this about?

The court confirmed an auction sale in favour of Sri K.L. Sreedhar Reddy after he deposited the full bid amount of Rs. 18.00 crores. The Official Liquidator was directed to encash drafts and execute the sale deed.

What did the court decide?

Auction sale confirmed in favour of Sri K.L. Sreedhar Reddy for Rs. 18.00 crores; official liquidator directed to execute sale deed and hand over possession.

Sri K.L. Sreedhar Reddy, Vs M/s Midwest (India)… — Banking and Recovery | Telangana HC (2012)

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THE HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND THE HON’BLE SHRI JUSTICE SANJAY KUMAR

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O.S.A.Nos.53 and 54 OF 2011

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DATED:27-04-2012

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Between: Sri K.L. Sreedhar Reddy … Appellant And M/s. Midwest (India) Investors, Hyderabad. … Respondent

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THE HON’BLE THE CHIEF JUSTICE SHRI MADAN B. LOKUR AND THE HON’BLE SHRI JUSTICE SANJAY KUMAR

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O.S.A.Nos.53 and 54 of 2011

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Common Judgment: (per the Hon’ble the Chief Justice Shri Madan B. Lokur)

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Sri K.L. Sreedhar Reddy had deposited an amount of Rs.9.50 crores by way of a demand draft on 20.4.2012. A further amount of Rs.7,60,50,500/- was deposited immediately after the bidding which was concluded on 26.4.2012.

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2. Today, Sri K.L. Sreedhar Reddy has handed over demand drafts for the balance amount of Rs.89,49,500/- making a total of Rs. 18.00 crores which was the highest bid for the property in question.

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3. In view of the fact that the terms of the auction have been complied with by Sri K.L. Sreedhar Reddy and no objection has been raised by any of the participating bidders, the auction sale is confirmed in favour of Sri K.L. Sreedhar Reddy for a sum of Rs.18.00 crores on as is where is basis.

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4. The Official Liquidator may encash the demand drafts and adjust the advertisement charges against the company’s account. The demand drafts given by M/s. Pride Point Construction Pvt. Ltd., and M/s. Zion Associates have been handed over to the respective counsel in Court today. The amount deposited by Mr. K.S. Rama Rao will be handed over by the Official Liquidator within two days.

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5. In view of the above, no further orders are required to be passed in these appeals. However, the Official Liquidator will take

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necessary steps for execution of the sale deed in favour of Sri K.L. Sreedhar Reddy or his nominee within a week and complete other formalities including handing over possession of the property. 6. Both the O.S.As. and the miscellaneous applications are accordingly disposed of.

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MADAN B. LOKUR, CJ SANJAY KUMAR, J 27^th April, 2012 pnb

Sri K.L. Sreedhar Reddy, v. M/s Midwest (India) Investors Welfare Association

Case brief

What is this about?

What did the court decide?

Sri K.L. Sreedhar Reddy, v. M/s Midwest (India) Investors Welfare Association

Case brief

What is this about?

What did the court decide?

What the court decided

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