It Arising out of SLP C No.
The total liabilities of the companypany are stated to be about Rs 37 crores.
The learned Company Judge accepted that offer but directed payment of the amount in 30 days.
These terms and companyditions of sale required deposit of 10 per cent of the bid offered by the bidder along with the offer to purchase, and the deposit of the entire sale price was to be made within a period of 30 days of the date of acceptance of the offer by the Court.
Thereafter a companycern known as Laxmi Petrochem in the name of Suresh Kumar Singhania respondent 2 made an offer to purchase the said properties for Rs 2.26 crores and later raised the bid to the sum of Rs 2.51 crores, to be paid over a period of more than 9 years.
The Division Bench dismissed the appeal.
The present appellant preferred an appeal to the Division Bench of the High Court against the order of the learned Company Judge accepting the offer of Rs 2.51 crores made by Laxmi Petrochem.
On a prayer made subsequently by Laxmi Petrochem, the learned Company Judge extended the period for deposit of the entire amount to five years.
Hence this further appeal by special leave.
On 2 6 1992 the learned Company Judge made an order for sale of the companypanys properties and also specified the terms and companyditions of the sale.
9298 of 1993 appears that on 18 9 1992 the learned Company Judge did number accept the offer of Rs 4.50 crores for the properties in view of the objections of ICICI.
9232 of 1993 Arising out of SLP C No.
Leave granted.
During the hearing before us, M s Hooghly Mills Ltd. Appellant in the companynected appeal made the offer of Rs 4.50 crores for purchase of the said property, to be paid in instalments in five years, and they have also deposited an amount of Rs 45 lacs in this behalf with the official liquidator at Calcutta.
Heard on merits.
The companypany known as Dytron India Ltd. was directed to be wound up by an order dated 29 5 1991 made by the learned Company Judge of the Calcutta High Court, with a further direction to the official liquidator to take possession of all the assets and properties of the companypany.
