Legal Question in Appeals and Writs in India

Dear Sir,
The Karnataka state Financial Corporation called for Public auction through news paper of industrial land Bldg,plant& machinary for default of unit takenover under sec 29 of SFC act,in all 5 offers recived in Bid our offer was highest we were called for negosation where in we again enhanced our Bid offer we were issued letter confiming sale in our favour we deposited the entire Auction amount with KSFC as per their letter of conformation but instead of giving possesion the KSFC extended the lapsed OTS to Borower which was not honoured, we moved the matter to court in writ, during the pendency of writ the KSFC accepted the payment from the borrower and setteled his account and cancelled our aution without justification.The unit account was NPA,had failed in honouring the OTS given to him for which the unit was auctioned and amt was accepted from us. OTS Extened which was again dishonoured but sale cancled.what are the remedies for us.
Anand Pharmaceuticals Mudhol

Asked on 8/29/10, 7:26 am

Vishwa Arya Arya & Co.

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i doubt if you have any remedy except the damages

Answered on 8/29/10, 8:35 am

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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you need to send the scanned copy of all the documents for a detailed legal reply.

Answered on 8/29/10, 10:24 am

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