The Hindu Business Line : One more bidder enters fray for Standard Motors land sale

YET another bidder has evinced interest in the purchase of the Perungalathur factory of the Standard Motors, now in liquidation, and in a petition, which was heard on Monday, the bidder prayed for an interim order staying the award granted by the Court in favour of the Bangalore-based Sriram Properties Private Ltd.

Ms Justice R. Banumathy of Madras High Court, who heard the petition from Ramanujar Viswakarma Society (Mr S. Tamilselvan of Coimbatore is the power of attorney holder of the society), said she would take up the issue on Tuesday.

Meanwhile, she informed them that the auction of the property had been concluded and the successful bidder had accepted the bid for Rs 154.10 crore. If the petitioner was serious in going for the purchase of the property, they should have come with a better offer. The issue could not be delayed indefinitely.

The petitioner said that they had also participated in the tender, which was floated by the Official Liquidator. But for no reasons, their offer had been rejected. This was illegal, they contended. They had, therefore, come to the Court seeking justice. If their offer were accepted, nearly 5,000 families would stand to benefit.

Earlier, the Court was informed that since the sale had been concluded, and the same was also confirmed by the Court, there was absolutely no room for reopening the issue. If this were allowed, there would be no end to submission of more and more offers by others.

On behalf of the Sriram Properties, it was submitted that their offer had been confirmed by the Court, and they had also paid an advance of Rs 14.2 crore.

They were keeping the balance amount ready. They only wanted certain clarifications from the Official Liquidator with regard to the title deeds of the property.

The Judge said that the report of the Official Liquidator had been received, and it would be duly recorded. The Court would not give any order on the contents of the report.

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