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Sale of Standard Motors' property still not over?

Our Legal Correspondent

Buyer yet to receive patta from Revenue Department

Chennai , May 10

The sale of 57 acres of landed property in Perungalathur, near Chennai, belonging to the Standard Motor Products of India Ltd, under liquidation, to the Bangalore-based Sriram Properties Ltd has run into a rough patch with the latter yet to receive the patta from the Tamil Nadu Revenue Department.

The sale deed was concluded for a sum of Rs 154.10 crore in November 2005, and the buyer thereafter approached the authorities of the Revenue Department for the issue of the requisite patta document.

In a fresh development, Ramanujan Vishwakaran Society, Coimbatore, which wanted to bid in the auction for sale of the property, has filed an appeal on the original side of the Madras High Court praying, inter alia, for an order making the Tamil Nadu Government as a party in the dispute. The Society's counsel Mr K.R. Vijayakumar in a memo submitted to the parties concerned, including the Government Pleader and the counsel for the successful bidder, drew attention to the manner in which the matter was listed in the cause list on April 18, for "being mentioned".

The successful bidder had prayed orally before the First Bench comprising Chief Justice Mr A.P. Shah and Ms Justice Prabha Sridharan for a direction to the Government for issue of the patta for the land bought.

Separate applications

The counsel for the Society said the original side appeal No 327 of 2005 having been dismissed on December 23, 2005, the successful bidder should take out separate applications as per law and not in this manner. On April 20, the counsel for the Society submitted that the land in question was an "assigned" property to be utilised only for starting industries like the manufacture of automobiles.

After hearing the parties, the Bench posted the matter to June 14.

It also directed the State Government to file its counter before that date.

More Stories on : Courts/Legal Issues | Real Estate & Construction | Tamil Nadu

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