COMPA.No.525 of 2013:

This application is filed by the Official Liquidator on behalf of the company in liquidation seeking to set aside the sale of the land, buildings, plant and machinery etc. of the company in liquidation by the State Bank of India (SBI) in favour of third respondent and for direction to the SBI to hand over the entire auctioned assets to the Official Liquidator.

2. It is stated in the affidavit filed by the Official Liquidator that CP.No.171 of 2011 seeking winding up of the petitioner company was allowed on 09.11.2012 and the Official Liquidator was appointed as the Liquidator of the company. The Official Liquidator, accordingly, took steps to secure possession of all assets of the company. The company’s office cum factory, which is subject matter of the present application, is said to be located at, IDA Gazulamandyam, Renigunta, Chittoor District hereinafter referred to as ‘asset’. It is stated that SBI is one of the secured creditors of the company in liquidation and that SBI along with other secured creditors exercised their rights under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) a