THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.568 of 2010 1st December, 2011 Between :- M/s.Midwest (India) Investors Welfare Association, Rep.by its President – K.Nanjundappa .. Applicant And Reserve Bank of India, Rep.by its Assistant General Manager, Saifabad, Hyderabad and another ..Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.568 of 2010 ORDER:- This application has been filed by M/s.Midwest (India) Investors Welfare Association represented by its President – K.Nanjundappa to reduce the upset price to Rs.109 lakhs. This Court by order dated 6-3-2011 appointed Sri K.Dhanapathi Rao & Associates, Chartered Engineer, Govt.Regd.Valuer, HIG 35, Phase-V, KPHB Colony, Kukatpally, Hyderabad, as the valuer for valuation of lot Nos.3 and 4. M/s. K.Dhanapathi Rao & Associates submitted report. As per the report, the market value of the property is Rs.12.20 crores and whereas the realizable value of the property is Rs.915 lakhs. The applicant placed on record his objections to the Valuation Report. Para 5 of the Objections placed on record by the applicant reads as hereunder:- “It is submitted that the market value fixed by the Government under the Stamp Act is reported to be Rs.1.12 crores per acre for the entire land, without any regard to the nature of the land. It is submitted that the land is put to auction more than once and on one occasion, the sale is not confirmed and no bidders have come forward on account of the higher upset price fixed and as a result, the land could not be sold during the last seven years and the depositors, who are mostly retired employees, have been suffering without the benefit of the orders passed by this Hon’ble Court. In fact, more than 300 members of the Association died during the last several years.” As per the valuation report, the minimum realizable price is Rs.915 lakhs. Therefore, the minimum upset price value is fixed at Rs.915 lakhs. Accordingly, the Company Application is disposed of fixing the upset price as Rs.915 lakhs. The Official Liquidator is directed to move necessary application seeking permission to put the item Nos.3 and 4 for sale. _________________________ B.Seshasayana Reddy, J 1st December, 2011 smr