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Guidelines for auctioning mortgaged properties
Source : The Hindu Property Plus Published On : 2008-09-20 City : Chennai

     Efforts must be made to revive a sick industrial unit. When they fail, then the sale of the unit must be made through public auction, writes C.H.Gopinatha Rao

     In the case involving A. Amaresan vs T.N. Industrial Investment Corporation Ltd ((2008)2 MLJ 31 judgment dated December 19, 2007) the guidelines as pronounced in Mahesh case by the same court were referred.

     It is necessary to ensure fair play in auctioning the properties mortgaged to financial institutions, it was said.

     When an industrial unit falls sick and the properties mortgaged are to be auctioned, as a first step ,every effort should be made to make the unit viable and put in working condition.

     If it becomes impossible then the sale of the unit should always be made through public auction.

     In such cases, the valuation of property for the purpose of determining adequate bid should be intimated to the property owner in order to enable him to file objection, if any. This is necessary to get the maximum price. Third, if tenders are invited then the highest price on which tender is to be accepted must be intimated to the property owner.

     In case the property owner is willing to offer the maximum auctioned sale price, then he should be offered the facility and the property transferred to him and the arrears remaining thereafter rescheduled to be recovered in instalments with interest. In case where the owner of the property brings third parties with higher offer it would be tested and may be accepted.

     Sale by private negotiation should be permitted only in very large concerns where investments are huge and for which ordinary buyer may not be available or the industry itself may be of such nature that many buyers may not be available.

     But before taking the step there should be advertisements not only in daily news papers but also in business magazines and papers.

     Request of the property owner to release any part of the property in which the factory or unit is not standing of which he is the owner should normally be granted on condition that sale proceeds are deposited in loan account.

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