Madras High Court
M/S.Arithma Technologies India ... vs S.K.Shamsudeen on 28 February, 2022
O.S.A.No.335 of 2021
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 28.02.2022
CORAM :
THE HON'BLE MR. JUSTICE M.DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V.THAMILSELVI
O.S.A.No.335 of 2021
and C.M.P.No.20910 of 2021
1.M/s.Arithma Technologies India Pvt. Ltd.,
rep by its Directors
K.S.Jafarullah Khan, Sajida Parween
having registered officer at
No.145, Anna Salai, Little Mount,
Saidapet, Chennai – 600 015.
2.K.S.Jafarullah Khan
3.Sajitha Parween .. Appellants
Vs.
S.K.Shamsudeen
rep by Power Agent
M.Mujeebur Rahman .. Respondent
Appeal filed under Order XXXVI Rule 1 of the Original Side Rules
against the order dated 02.11.2021 passed in A.S.No.882 of 2021 in
C.S.No.61 of 2014.
For Appellants : Mr.K.Ilango
For Respondent : Mr.Abdul Mubeen
for Mr.A.Raja Mohamed
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O.S.A.No.335 of 2021
JUDGMENT
(JUDGMENT WAS MADE BY M.DURAISWAMY, J.)
Challenging the order passed in the application in A.No.882 of 2021
in C.S.No.61 of 2014 reducing the upset price from Rs.3.5 crores to Rs.2.5
crores, the judgment debtors have filed the above appeal.
2.Heard Mr.K.Ilango, learned counsel appearing for the appellants
and Mr.Abdul Mubeen, learned counsel appearing for the respondent.
3.The learned counsel appearing for the appellants submitted that the
learned Single Judge, by order dated 27.09.2021, fixed the upset price at
Rs.3.5 crores and within a span of less than 40 days, reduced the upset
price to Rs.2.5 crores. While fixing the upset price at Rs.3.5 crores, the
learned Single Judge took into consideration the valuation report submitted
by the Advocate Commissioner, wherein it has been stated that the market
value of the property would be Rs.3,11,67,000/-. However, within a span of
40 days, the learned Single Judge, reduced the upset price to Rs.2.5 crores,
observing that he has taken into consideration the calculus of market
fluctuation in the value of real value of the property. Apart from stating that
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O.S.A.No.335 of 2021
there is market fluctuation, the learned Single Judge has not taken into
consideration any documentary evidence to establish that the market value
had declined to Rs.2.5 crores.
4.When the Advocate Commissioner has suggested that the market
value of the property would be Rs.3,11,67,000/-, we are of the considered
view that the upset price can be fixed at Rs.3.25 crores instead of Rs.2.5
crores.
5.For the reasons stated above, the upset price is fixed at Rs.3.25
crores, at the cost of the judgment debtors, instead of Rs.2.5 crores as fixed
by the learned Single Judge. The order dated 02.11.2021 passed in the
application in A.No.882 of 2021 is modified to the effect as stated above.
The appeal is partly allowed. In other aspects, the order passed by the
learned Single Judge shall remain unaltered. No costs. Consequently, the
connected miscellaneous petition is closed.
Index : Yes/No [M.D., J.] [T.V.T.S., J.]
va 28.02.2022
Note: Issue order copy on 02.03.2022.
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O.S.A.No.335 of 2021
M.DURAISWAMY, J.
and
T.V.THAMILSELVI, J.
va
O.S.A.No.335 of 2021
and C.M.P.No.20910 of 2021
28.02.2022
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