Legal Question in Banking Law in India

please let us know as to who is liable to make the payment of dues against laof bour payment and other statutory dues etc of old workmen who were the employees of earliuer owner of a factory which was seized by the Concerned Bank under SERFACIE ACT .Later the Bank advertised to auction the seized property in the newspaper giving the reserve price for the total property including land which was allotted by the concerned industrial development authority on which the said factory was situated.in the open we had quoted and the bid amount was allmost double than the reserve price fixed by the bank .After making the full payment of the BIDamount the bank gave us the allotment letter as well as the possessio of the said factory as stipulated under the SERFACIE ACT.Thewy also wrote to concerned Industrial development authority authority to transfer the land of the factory in our favour which is under official process.We have already started operating the the said plant after necessary maintenance and modification.

Recently the Labour union of that area has filed a case /petition before the Dy.labour commissioner of the area making us a party to make the payment of old dues of labour payment and p.f.etc which was actually payable by the earlier ownner of the factory which is considerable amount .The concerned bank had not mentioned any thin about any liability either in the tender for sale through auction or in our allotment letter.The dy. labour commissioner is also now insisting to make us liable to make the payment of old dues of workmen which should have been paid by old owner failing which they have warned to get our plot allotment cancelled by industrial development authority cancelled or even get it RE-AUCTIONED THROUGH CONCERNED BANK .The labour union is also threatening us that if we shall not be making the payment of old dues to the workmen they wil not allow them to operate the factory .Please let us know as to what we should do now .Is it a justified demand and liability to pay the old dues of workmen by a new purchaser who has purchased from the Bank under SERFACIE ACT .WEshall be spoiled totally if we are forced to make the payment of any old liability of earlier owner .can the industrial developement authority either stop transfering the land or get our allotment cancelled which we have purchased from the bank through auction under SERFACIE ACT .

PLEASE HELP US AND GIVE PROPER GUIDANCE .IS THE DECISION OF THE DY LABOUR COMMISSIONER FAIR IN VIEW OF THE SERFACIE ACT .

THANKING YOU

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