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COMP.A No. 256 of 2025 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 26-09-2025 CORAM THE HONOURABLE MR.JUSTICE N.SENTHILKUMAR COMP.A No. 256 of 2025 IN CP NO. 17 of 2004
1. The Official Liquidator, High Court of Madras as the Provisional Liquidator of M/s.SIV Industries Limited (In Liquidation) Corporate Bhawan,IInd Floor, No.29,Rajaji Salai, Chennai-600001. Applicant(s) CP No. 17 of 2004 Board for Industrial and Financial Reconstruction, New Delhi 110 001 Rep. by the Registrar Petitioner Vs
1. M/S. SIV INDUSTRIES LTD., VISCOSE TOWERS, 1078, AVANASHI ROAD, P.B.NO.3780 COIMBATORE-641 018. 2. THE SECRETARY, INDUSTRIES DEPARTMENT, https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 GOVT. OF TAMIL NADU, CHENNAI. 3. BANK OF BARODA, C-26, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI-400 051. 4. THE CHAIRMAN & MANAGING DIRECTOR, INDIAN BANK, 31, RAJAJI SALAI, CHENNAI-600 001. 5. THE CHAIRMAN & MANAGING DIRECTOR, BANK OF INDIA, EXPRESS TOWER, NARIMAN POINT, MUMBAI-400 021. 6. THE CHAIRMAN AND MANAGING DIRECTOR, STATE BANK OF INDIA, CENTRAL OFFICE, MADAM CAMA ROAD, MUMBAI. 7. THE CHAIRMAN & MANAGING DIRECTOR, CANARA BANK OF INDIA, CENTRAL OFFICE 112, J.C.ROAD, BANGALORE-560
002. https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025
8. THE BHARATHYA VISCOSE THOZILALAR SANGAM, A-21, RAYAN NAGAR, SIRUMUGAI-641 302. 9. DEUTSCHE BANK, HAZARIMAL SOMANI MARG, FORT, MUMBAI. 10. CITY BAN SAKHAR BHAVAN, 230, BACKBAY RECLAMATION, MUMBAI-400 021,
11. STANDARD CHARTERED GRINDLAYS BANK, NEW EXCELSIOR BUILDING, MUMBAI. 12. THE CHAIRMAN & MANAGING DIRECTOR, IDBI, IDBI TOWER, CUFFE PARADE, MUMBAI. 13. THE CHAIRMAN & M.D., ICICI BANK LTD, ICICI TOWERS, NORTH TOWER (EAST WING). BANKDRA-KURLA COMPLEX, MUMBAI. 14. THE GENERAL MANAGER, LIC, HEAD OFFICE, YOGA KANANA, JEEVAN BIMA MARG CHURCH https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 GATE, MUMBAI-400 001. 15. THE GENERAL MANAGER, GIC, INDUSTRIAL ASSURANCE BUILDING, CHURCH GATE, MUMBAI-400 001. 16. THE GENERAL MANAGER, UTI, NO.13, SIR VITHALDAS THACKERSAY MARG, MUMBAI-400 020. 17. THE GENERAL MANAGER, NATIONAL INSURANCE COMPANY, 36, NETHAJI SUBHASH MARG, DARYAGANI, DELHI-110 002. 18. THE GENERAL MANAGER, ORIENTAL INSURANCE CO., ORIENTAL HOUSE, A-25/27, ASEF ALI ROAD, DELHI-110 002. 19. THE GENERAL MANAGER, UNITED INDIA INSURANCE CO., 27, WHITES ROAD, CHENNAI-600
014. 20. THE GENERAL MANAGER, NATIONAL INDIA INSURANCE CO., 87, MAHATMA GANDHI ROAD, MUMBAI-400 023. https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025
21. THE ARMY GROUP INSURANCE FUND, AGI BHAWAN, RAO TULA RAM MARG, P.B.NO.14, P.O.VASANT VIHAR, NEW DELHI-110 057. 22. THE LIC MUTUAL FUND, STOCK HOLDING CORPORATION OF INDIA LTD.,`B`WING, 2ND FLOOR, 224, NARIMAN POINT, MUMBAI-021. 23.
THE GIC MUTUAL FUND, 224, MITTAL COURT, `B` WING, 2ND FLOOR, NARIMAN POINT, MUMBAI-400 021. 24. THE BANK OF INDIA MUTUAL FUND, BANK OF INDIA, A/C BOI MUTUAL FUND, 24TH FLOOR, STOCK EXCHANGE, ALAI ST., MUMBAI-400 023. 25 THE CHAIRMAN& M.D, INDIAN RENEWABLE ENERGY DEV. AGENCY LTD, CORE 4A EAST COURT, 1ST FLOOR, INDIA HABITAT CENTRE COMPLEX, NEW DELHI-110 003 26 THE CHAIRMAN & M.D., HDFC BANK, https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 MUMBAI RAMON HOUSE, 169, BACKBAY RECLAMATION, MUMBAI-400 020. 27. THE MOHINDER PURI & CO., ON BEHALF OF BANK OF AUSTRIA & CITI BANK INTERNATIONAL, 1A-D, VANDHANA, 11, TOLSTOY MARG, NEW DELHI. 28. BANK OF AUSTRIA, AKTIENGESELLSCHAFT, A-10, VIENNA AUSTRIA. 29 THE PRESIDENT, SOUTH INDIA VISCOSE NATIONAL, WORKERS UNION (INTUC) SATHY ROAD, SIRUMUGAI. 30 THE PRESIDENT, KOVAI ERODE MAVATTA DRAVIDA PANCHALAI THOZHILALAR & OOZHIYARGAL MUNNETRA SANGAM (LPF) SATHY ROAD, SIRUMUGAI 31 THE PRESIDENT, ANNA THOZHILALAR SANGAM(ATP), SATHY ROAD, SIRUMUGAI. 32 THE PRESIDENT, VISCOSE WORKERS & STAFF UNION, SATHY ROAD, SIRUMUGAI. https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 33 THE PRESIDENT, KOVAI ERODE MAVATTA DRAVIDA PANCHALAI THOZHILALAR OOZHIARGAL MUNNETRA SANGAM (MLF), SATHY ROAD, SIRUMUGAI. 34 THE PRESIDENT, KOVAI JILLA PANCHALAI THOZHILALAR SANGAM (AITUC), SATHY ROAD, SIRUMUGAI. 35 THE PRESIDENT, KOVAI JILLA PANCHALAI THOZHILALAR SANGAM (HMS), SATHY ROAD, SIRUMUGAI. 36 THE PRESIDENT, BHARATHIYA VISCOSE MAZDOOR SANGAM (BMS), SATHY ROAD, SIRUMUGAI. 37 THE PRESIDENT, SOUTH INDIA VISCOSE WORKERS UNION (TNTUC/NLO), SATHY ROAD, SIRUMUGAI. 38 PRESIDENT, SOUTH INDIA VISCOSE COMPANY WORKERS UNION (CIDU), SATHY ROAD, SIRUMUGAI. https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 39 THE PRESIDENT, SOUTH INDIA VISCOSE NATIONAL WORKERS UNION (JDLF), SATHY ROAD, SIRUMUGAI. 40 THE REGIONAL DIRECTOR, ESIC REGIONAL OFFICE, ESI CORPORATION, RAJINDRA BHAWAN, RAJINDRA PALACE, NEW DELHI-110 008. 41 THE CENTRAL PROVIDENT FUND COMMISSIONER, HUCO VISHALA, 14, BHIKAJI CAMA PLACE, R.K.PURAM, NEW DELHI-110 066. 42 THE INFRASTRUCTURE LEASING & FINANCIAL SERVICES, 2ND FLOOR, SINDHUR, PANTHEON PLAZA, B-46, PANTHEON ROAD, EGMORE, CH-600 008. 43 TATA MUTUAL FUND C/O SOUTH INDIA VISCOSE INDUSTRIES LTD, VISCOSE TOWERS 1078, AVINAZHI ROAD, P.B.NO.3780 COIMBATORE-641 018.
44 SAHARA C/O SOUTH INDIA VISCOSE https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 INDUSTRIES LTD, VISCOSE TOWERS, 1078, AVINAZHI ROAD, P.B.NO.3780 COIMBATORE-641 018. 45 WIPRO FINANCE C/O SOUTH INDIA VISCOSE INDUSTRIES LTD, VISCOSE TOWERS 1078, AVINAZHI ROAD, P.B.NO.3780 COIMBATORE-641 018. 46 DCW LTD, NIRMAL, 3RD FLOOR, NARIMAN POINT, MUMBAI-400 021. 47 DAI-ICHI KARKARIA LTD, LIBERTY BUILDING, SIR VITHALDAS THACKERSAY MARG, MUMBAI-400 020. ...Respondents PRAYER a).To take this report on record b).To permit the Official Liquidator to sell the land property belonging to the company (in Liquidation) i.e., 7.40 Acres in Survey Nos.38/2A2, 40/2C, 40/3B1B, 40/4, 40/5C2 and 40/6A viz., situated at SIV Workers Quarters, Sirumugai Village, Mettupalayam Taluk, Coimbatore District through e-auction by engaging services of M/s. MSTC Limited by creating an unique Auction ID in the Auction Creation tab on the e-auction portal. c). Permit the Official Liquidator to show the Upset Price and EMD as ordered by this Hon'ble Court dated 29.08.2025 at Annexure-B. d). Approve the draft e-auction Sale Notice and Terms and Conditions of sale which are https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 enclosed as Annexure-D and E of this report. e). Permit the Official Liquidator to approve the proposed scheduled dates as mentioned in para No.9. f). Permit the Official Liquidator to fix Rs.2,500 as e-auction participation charges as mentioned in para No.10. g). Permit Official Liquidator to publish the Sale Notice in newspapers viz., Times of India Tamil nadu edition in English and Tamil daily in Dinamalar. h). Permit the Official Liquidator to cause publication of Sale Notice and Terms Condition in the website of MCA and MSTC Limited. i). Permit the Official Liquidator to place the successful bidder report before this Hon'ble Court for orders regarding Sale Confirmation. j). Permit the Official Liquidator to make the payment of charges to the selling agency as stipulated in clause (v) of Ministry's letter dated 22.07.2025, if any. k).
Permit the Official Liquidator to incur any other the costs in connection with the sale of above mentioned property from and out of the funds of the company in liquidation. For Applicant(s): Ms.B.Ambili Deputy Official Liquidator High Court Madras. ORDER This Application has been filed by the Official Liquidator for the following reliefs:- a.To take this report on record. b.To permit the Official Liquidator to sell the land property belonging to the company (in Liquidation) i.e., 7.40 Acres in Survey Nos.38/2A2, 40/2C, 40/3B1B, 40/4, 40/5C2 and 40/6A viz., situated at SIV Workers Quarters, Sirumugai Village, Mettupalayam Taluk, Coimbatore District through e-auction by engaging services of M/s. https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 MSTC Limited by creating a unique Auction ID in the Auction Creation tab on the e-auction portal. c. Permit the Official Liquidator to show the Upset Price and EMD as ordered by this Hon'ble Court dated 29.08.2025 at Annexure-B. d. Approve the draft e-auction Sale Notice and Terms and Conditions of sale which are enclosed as Annexure-D and E of this report. e. Permit the Official Liquidator to approve the proposed scheduled dates as mentioned in para No.9. f. Permit the Official Liquidator to fix Rs.2,500/- as e-auction participation charges as mentioned in para No.10. g. Permit the Official Liquidator to publish the Sale Notice in newspapers namely Times of India Tamil nadu edition in English and Tamil daily in Dinamalar. h. Permit the Official Liquidator to cause publication of Sale Notice and Terms and Condition in the website of MCA and MSTC Limited. i. Permit the Official Liquidator to place the successful bidder report before this Honble Court for orders regarding Sale Confirmation. j. Permit the Official Liquidator to make payment of charges https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 to the selling agency as stipulated in clause (v) of Ministry's letter dated 22.07.2025.
k. Permit the Official Liquidator to incur any other the costs in connection with the sale of above mentioned property from and out of the funds of the company in liquidation. 2. The learned Official Liquidator makes it clear that there was no stay granted by the Division Bench of this Court in OSA.No.321 of 2025 challenging the order by this Court in Company Application No.581 of 2023 in CP.No.17 of 2007 dated 19.09.2025. 3. Accordingly, this Application is ordered as prayed for. The learned Official Liquidator is directed to proceed for e-auction. 26-09-2025 kmi https://www.mhc.tn.gov.in/judis
COMP.A No. 256 of 2025 N.SENTHILKUMAR J. kmi COMP.A No. 256 of 2025 IN CP NO. 17 of 2004 26-09-2025 https://www.mhc.tn.gov.in/judis