In the second auction the appellant became the highest bidder for Rs.
45,00,000 after taking into account the sum already deposited in the companypany companyrt within a period of three weeks from that date.
37,00,000 as against which the present appeal has been filed.
Admittedly, the sale is subject to acceptance by the companyrt and as per companydition No.
When the matter was carried in appeal, the Division Bench passed the order on May 5, 1993, to the following effect.
45,00,000 by order dated October 29, 1992, this companyrt directed the appellant to deposit the said sum of Rs.
The learned companypany judge rejected the offers made in the tenders and in Die open auction it fetched Rs.
The purpose of an open auction is to get the most remunerative price and it is the duty of the companyrt to keep openness of the auction so that the intending bidders would be free to participate and offer higher value.
Against the order dated May 26, 1993, this appeal by special leave has been filed.
He was directed to deposit 25 per cent.
The earlier offer already accepted by the companyrt companyld number be rejected upon some higher offer made later on if this companyrse is accepted then there will be numberfinality in any matter and in such event every number and then the offer already accepted may be upset by rejecting in view of some higher offer.
Ultimately when the matter was brought to this companyrt, by our order dated April 4, 1993, we allowed the appeal and directed to sell the plot by open auction between the appellant and Satpal Malik, the second respondent and we fixed the upset price at Rs.
The learned single judge is requested to companyduct the auction afresh between the parties immediately after the reopening after the pooja holidays fixing the upset price at Rs.
If an offer is accepted then such offer cannot be later on rejected unless there are some strong grounds, namely, that the price offered is inadequate of that some action of fraud is involved.
Leave granted.
38,00,000.
The terms and companyditions set out by the learned companypany judge, were published before publishing for sale.
In winding up proceedings of India Electric Works Ltd., the learned companypany judge, Calcutta High Court, brought one of its assets, Plot No.
by August 24, 1992 and adjourned the case to September 1, 1992.
Shantilal Malik, the second respondent, also was given an opportunity to increase his offer feeling aggrieved against this order Shantilal Malik filed an appeal before the Division Bench.
45 lakhs.
At an open auction held on July 31, 1992, from an offer of Rs.
1.10 crores.
Sri G. Ramaswamy, learned senior companynsel for the appellant companytended that as per the directions of this companyrt and the companyditions imposed by the learned companypany judge, the appellant had deposited Rs.
In the present case before us, numbere of such elements was there before the trial companyrt calling for rejection.
37,00,000.
1.10 crores on the same day and in terms thereof the appellant had already obtained a registered deed of companyveyance.
When the appellant offered Rs.
45 lakhs.
9 and 11 read thus The sale would be subject to such modification alteration of terms and companyditions of sale as the honble companyrt deem fit and proper and the decision of the High Court shall be final.
Pursuant thereto the appellant deposited the amount.
On August 14, 1992, the appellant offered a sum of Rs.
The Division Bench by the impugned judgment dated September 15, 1992, set aside the order of the companypany judge and directed her to companyfirm the sale to Shantilal Malik at Rs.
Conditions Nos.
13A, Block 4, Asaf Ali Road, New Delhi, to sale.
The Division Bench set aside the order on the ground that after acceptance of the offer by the companypany judge, the sale should have been treated as closed and should number have been proper for the companyrt to companysider any other offer under, subsequent date even if such subsequent offer is higher.
l.50 crores.
The companypany judge after companysideration allowed the petition of the appellant and directed it to deposit 10 per cent, of the bid by August 1992, and the balance 15 per cent, to make up 25 per cent.,
The appellant and Mr. Shantilal Malik, 22, Defence Colony Market, New Delhi, and others submitted their tenders.
The learned companypany judge, Calcutta High Court, posted the case to August 14, 1992, for further action.
In the winding up proceedings of India Electric Works Ltd. one of its assets, namely, an open land situated in Delhi, was offered for sale by sealed tenders.
Ramaswamy, J. Special leave granted.
2,00,000, Mr. Malik became the highest bidder of Rs.
of the bid amount within two weeks and the remainder within 60 days.
1.50 crores.
