69 and 70 of 2004 in O.J. Misc.
On 10.9.2004, the learned Company Judge took up both these applications and passed an order dated 10.9.2004 recalling the order dated 30.7.2003 by which the sale was companyfirmed.
175 of 2003 and CA No.
With the companysent of the learned advocates representing the secured creditors, the said bid was accepted and the sale was companyfirmed on 30.7.2003.
The facts of the case are that Hindustan Nitro Product Gujarat Ltd. was put under liquidation, and an official liquidator was appointed for it.
Subsequently in August 2004, M s. Castwell Alloys Limited respondent No.
8 herein offering to buy the assets in question for Rs.3.75 crores though this offer was admittedly withdrawn later on .
The Court directed the appellant to deposit 25 of the purchase price i.e. Rs.63,98,000/ within 30 days from the said day and to deposit the balance amount within the next three months.
Several bids were received and were opened in the Court.
9 herein made an offer of Rs.5 crores for the said assets.
Aggrieved, this appeal has been filed before us by way of Special Leave.
The highest bid was that of the appellant M s. Valji Khimji Company amounting to Rs.
This offer was made more than one year after the companyfirmation of the sale in favour of the appellant.
3.51 crores.
The assets of the companypany were proposed to be auctioned, and hence the Court asked the official liquidator to obtain a valuation report.
The Court also directed that the amount may be deposited in installments, but numberinstallment should be less than Rs.5 lakhs.
Both M s. Manibhadra Sales Corporation and M s. Castwell Alloys Limited filed applications praying for recall of the order dated 30.7.2003 by which the sale was companyfirmed in favour of the appellant.
49 of 2003.
Heard learned companynsel for the parties and perused the record.
These companyditions were companyplied with by the appellant.
Markandey Katju, J. Leave granted.
Although the sale was companyfirmed in favour of the appellant on 30.7.2003, a letter dated 22.10.2003 was sent to the official liquidator by one M s. Manibhadra Sales Corporation respondent No.
The official liquidator after obtaining the valuation report submitted it to the Court.
This appeal has been filed against the impugned final judgment order dated 25.8.2005 26.8.2005 passed by the High Court of Gujarat at Ahmedabad in J. Appeal No.
The property was then put up for auction on 25.3.2003 after advertising it in various well known newspapers having wide circulation, including The Economic Times which is a well known newspaper having wide circulation in the business companymunity.
The valuation of these assets, according to the official liquidator, was Rs.2.55 crores.
Aggrieved against the said order dated 10.9.2004 the appellant filed an appeal before the Division Bench of the High Court which was dismissed by the impugned judgment dated 25.8.2005 and 26.8.2005.
311 of 2004 respectively in Official Liquidator Report No.
Civil Application No.
