On appeal to the Division Bench, the same had been allowed subject to sanction of the companyrt and with liberty to the petitioner to participate in the sale as and when it is held.
However, subsequently, the petitioner offered a sum of Rs.
1.26 crores.
An application was made to the Division Bench seeking permission for sale of the suit machinery to the person having made the best offer which was at Rs.
The learned trial Judge refused the prayer for the same.
Pursuant to the order of sale, the respondents issued advertisement and also received offers for the same.
Hence this petition.
In respect of machinery which had been stated to have been financed by the respondent Bank a Court Receiver was appointed and the respondents took out a Notice of Motion making several prayers, including one for sale of the suit machinery.
1.30 crores.
The Division Bench had refused to companysider the said request.
Now, an attempt is sought to be made by the petitioner to participate in the sale proceedings by companytending that it is at the stage of companyfirmation of sale that the petitioners request ought to be companysidered if it is the best offer available in the market and viable.
J U D G M E N T RAJENDRA BABU, J. The respondents brought a suit on the original side of the Bombay High Court for recovery of certain sum of money against the petitioner and the Guarantor.
