Because Changsha News did not fulfill the civil mediation letter of Hunan Supreme Court, Hunan Tanheng Expressway Development Co., Ltd. (hereinafter referred to as Tanheng Company) all S61 Xiangtan-Hengyang Expressway toll rights were frozen by the court auction.
January 22, the Provincial High Court announced the top ten typical cases of 2018, the case is among them. After two auctions, the price of S61 Xiangtan-Hengyang Expressway toll right reached 10.624 billion yuan, creating the largest single transaction volume in the history of court network judicial auction.
On October 16, 2014, the Hunan High Court made a civil mediation in the case of the plaintiff, Bohai International Trust Co., Ltd. (hereinafter referred to as Bohai Company) v. the defendant, Taibang Infrastructure Development Co., Ltd. (hereinafter referred to as Taibang Company) and Tanheng Companys financial loan contract dispute.
Because Taibang and Tanheng did not fulfill the mediation agreement, Bohai Company applied to Hunan High Court for execution. After accepting the application, Hunan High Court designated Hengnan Court for execution on June 24, 2015.
On June 26, 2015, the Hengnan Court issued a notice of execution to the executed Taibang Company and Tanheng Company, ordering them to conscientiously perform the obligations specified in the effective legal documents, but the executed Taibang Company and Tanheng Company have not fulfilled their obligations within the time limit. Meanwhile, the Hengnan court exhausted all measures, and the executed person still failed to fulfill the obligations stipulated in the effective documents.
On December 15, 2016, the Hengnan Court issued an execution ruling, freezing all S61 Xiangtan-Hengyang Expressway toll rights of the executed company. On December 19, 2016, the execution ruling was made. The right to charge S61 Xiangtan-Hengyang West Highway was auctioned by the executed company, and the evaluation procedure was started at the end of December 2016. Meanwhile, the executed person, Tanheng Company, refused to apply to the Hengyang Intermediate Court for reconsideration. The Hengyang Intermediate Court ruled that the overall auction of highway toll rights was not inappropriate and rejected the application for reconsideration of Tanheng Company.
On December 28, 2017, Hengnan Court issued an auction announcement on the judicial network platform of Taobao. It auctioned the fee right of Tanheng West Expressway held by Tanheng Company. As no bidder, the auction was made on January 30, 2018.
On March 1, 2018, Hengnan Court lowered its price by 20%, and issued a second auction announcement on Taobao with 10.624 billion yuan. Taibang Company and Tanheng Company refused to comply with the ruling of Hengyang Intermediate Court and applied to Hunan High Court for execution supervision. In June 2018, the Hunan Higher Court issued an execution ruling, rejecting the application of the second company for execution supervision.
Hengnan Court resumed the second judicial auction procedure on the S61 Xiangtan-Hengyang Expressway toll rights owned by the executed company on June 26, 2018. From 10:00 on July 12, 2018 to 10:00 on July 13, 2018, the above-mentioned toll rights were auctioned publicly on Taobao Judicial Auction Network Platform, starting at 10.624 billion yuan (20% lower according to the evaluation price according to law). On July 13, 2018, the buyer, Hunan Highway Investment Group Co., Ltd., bid for a starting price of 10.624 billion yuan.
Source: Han Jiapeng_NN9841, Responsible Editor of Xiaoxiang Morning News