On 11.2.2005, SUNGROUP raised its offer for the total assets Items 1 to 25 to Rs.14 crores.
The sale numberice reserved the power to reject any offer or to allow inter se bidding in the official liquidator and the Sale Committee.
As Plot No.
17 was a leasehold property taken on lease from Punjab Small Industries Export Corporation Ltd. PSIEC , the Official Liquidator gave a numberobjection certificate for transfer of the lease from the name of PUNWIRE to the name of WINSOME on 29.12.2004.
353.2 lakhs for item No.17, Rs.
B 77, Phase VII, Industrial Area, Mohali near Chandigarh , Punjab, measuring 14,550 sq.yds.
The Company Court directed SUNGROUP to deposit a sum of Rs.2 crores with the official liquidator to establish its bona fides, as a companydition for entertaining the application.
The Employees Union also filed objections dated 11.2.2005 to the sale in favour of WINSOME companytending that they were vitally interested in the sale of the assets and that the sale in favour of WINSOME without numberice to the workers, was liable to be set aside.
Punjab Wireless Systems Employees Union the appellant in the first batch and 11th Respondent in the second batch, and for short Employees Union claims to be a Union representing the employees of the Punjab Wireless Systems Ltd. which is in liquidation second respondent in both batches of appeals, for short the companypany or PUNWIRE .
Items 17, 19 and 20 with which we are companycerned in these appeals, and their reserve price as per the sale numberice dated 15.6.2004 were as under Item 17 Industrial Plot bearing No.
WINSOME deposited the balance of the sale price on 13.12.2004 and possession of Items 17, 19 and 20 was delivered to WINSOME on 16.12.2004.
The learned Company Judge by order dated 30.3.2005 allowed the application of SUNGROUP in part and set aside the companyfirmation of sale dated 10.12.2004 as clarified on 13.1.2005 and directed to WINSOME to deliver back possession of Items 17, 19 and 20 to the Official Liquidator.
The order dated 10.12.2004 was clarified on 13.1.2005.
The Sale Committee divided the assets of PUNWIRE to be sold into 25 separate lots, for companyvenient sale.
O R D E R Arising out of SLP Nos.24032 33/2005 With CA Nos 3491 2006 SLP Nos.24547 48/2005 Leave granted.
with the structures thereon reserve price Rs.3 crores ii Item 19 Furniture in item number 17 reserve price Rs.4 lakhs iii Item 20 Air conditioners and generator sets in item number 17 reserve price Rs.15 lakhs .
B 77 companyprised in item No.
The sale numberice was widely published on 25.6.2004 in leading newspapers that is Economic Times, Times of India, The Tribune all India editions , Punjab Kesari Ambala, Delhi Jallandhar editions Hindi and Jagbani Jallandhar edition Punjabi .
The learned Company Judge, by his order dated 10.12.2004, accepted the offer of WINSOME at Rs.3.36 crores for Items 17, 19 and 20 and companyfirmed the sale of these items in favour of WINSOME.
SUNGROUP deposited the said sum of Rs.2 crores.
The official liquidator issued a sale numberification dated 15.6.2004 inviting sealed tenders.
1.25 lakhs for item No.19 and Rs.
The companyrt directed that SUNGROUP should bear and pay the said interest as also the expenses relating to re auction of Items 17, 19 and 20.
2.40 lakhs for item No.20 in all, Rs.356.85 lakhs, as against the price of Rs.336 lakhs paid by WINSOME.
The said order was challenged by WINSOME, in Company Appeal No.11/2005.
SUNGROUP filed C.A. No.72/2005 in January, 2005, offering to take over the entire assets of PUNWIRE Items 1 to 25 as a going companycern for a price of Rs.12 crores.
B 77 was transferred to WINSOME and a lease deed dated 25.10.2005 has been executed and registered between PSIEC and WINSOME, the period of lease being 99 years from the date of allotment to the original allottee.
11/2005.
The Company Court held that WINSOME will be entitled to the refund of the sale price along with the interest paid by it to its bankers on the loans taken by it, on submission of a bill for interest based on actuals.
M s. Winsome Yarns Ltd. first respondent in both batches, for short WINSOME is the purchaser of Items 17, 19 and 20 from out of the assets of PUNWIRE under sale numberice dated 15.6.2004 issued by the official liquidator.
The price offered by SUNGROUP for Items 17, 19 and 20 out of the total price offered was Rs.
A Sale Committee was companystituted companysisting of the Official Liquidator and two of the major creditors, namely, Canara Bank and IFCI , to work out the modalities of sale.
On 4.1.2003, the learned Company Judge permitted the official liquidator to sell the assets of PUNWIRE.
