After companysidering the bids and further offers made before the Court, the learned Company Judge passed an order dated 30.8.2007 and approved the highest offer of Rs.127 lakhs given by respondent No.2.
The proposal submitted by the Liquidator in the form of Report No.162 of 2006 for sale of the assets of the Company including land, building, plant and machinery, furniture, fixtures and all other movables except records at L.S. No.202/3P, SIDC Main Road, village Veraval, District Rajkot was approved by the Company Judge and a companymittee was appointed for companyducting the sale.
After companysidering the rival submissions, learned Company Judge vide his order dated 27.11.2007 allowed the second application.
as Rs.64 lakhs.
106 of 2002, the learned Company Judge ordered winding up of the Company and appointed the Official Liquidator attached to the High Court as Liquidator of the Company.
However, today, the appellant has backed out and submits that he does number want to participate in the bidding.
DATE 03.03.2008 On 28.02.2008, when some other party offered Rs.1.50 Crores, we gave the option to the appellant to offer similar amount, as the Court felt that preference should be given to the appellant, if similar amount is offered by the appellant.
The Registry is directed to keep the amount deposited on behalf of intervenor in a short term fixed deposit of six weeks in a nationalized Bank.
The present applicant is, therefore, directed to pay interest 12 p.a.
on the actual amount of the respondent No.2 lying with the Official Liquidator.
In furtherance of that decision, advertisements were issued in vernacular and English newspapers showing reserve price of the land etc.
Soon thereafter, the appellant filed Company Application No.
The learned Company Judge dismissed the application by observing that the revised offer made by the appellant was an afterthought and there was numbertangible reason to review the earlier order.
This is evident from order sheets dated 28.2.2008, 3.3.2008 and 27.3.2008, which read as under DATE 28.02.2008 It is stated that when the property was auctioned, offer of Rs.
Counsel for the appellant prays for time to seek instruction from his client, whether appellant is prepared to pay Rs.
The Court hereby companyfirms the sale of Lot No.
1.51 Crores.
450 of 2007 for recall of order dated 30.8.2007 by stating that it was interested in making an offer of Rs.141 lakhs.
After taking numbere of his statement, the Court passed order dated 4.10.2010 and gave an opportunity to the companytesting parties to give fresh bids in sealed envelopes.
143 of 2007 is hereby recalled and the sale of Lot No.
Today, respondent No.1 Shradhha Aromatics Pvt.
By an order dated 27.4.2006 passed in Company Petition No.
After about two years, learned senior companynsel appearing for the appellant gave out that his client is ready to deposit an additional amount of Rs.39 lakhs and that will make its bid as Rs.2 crores.
1.27 Lacs.
Respondent No.2 challenged the aforesaid order in O.J. Appeal No.248 of 2007.
Therefore, the order dated 30.08.2007 passed by this Court in OLR No.
On the next date of hearing i.e. 10.12.2010, learned companynsel for the parties produced sealed envelopes companytaining the revised bids of their respective clients.
List on 3.3.2008.
1.51 crores.
On 25.1.2011, learned companynsel for respondent No.2 made a statement that his client is number willing to give a bid higher than what was offered before the Division Bench of the High Court.
However, the matter companyld number be finalised because companynsel for the intervenor cum promoter sought time for two days to give a bid higher than the bid of Rs.7.5 crores given by the appellant.
Counsel for the appellant prays time to companysult his client, whether he can offer the amount similar to which is offered by the respondent No.1 List it on 05.03.2008.
Respondent number1 Shradhha Aromatics Pvt.
After due deliberations, the companymittee decided to advertise sale of the assets of the Company.
In the special leave petition filed by the appellant, this Court ordered numberice on 24.9.2008.
The parties were directed to appear in person in Court and submit their bids.
S. Singhvi, J. Leave granted.
The sealed envelopes were opened in the Court and the offers made by the parties were perused.
The appellant is aggrieved by judgment dated 12.9.2008 of the Division Bench of the Gujarat High Court whereby the appeal preferred by respondent No.2 Bipin B. Lathia against order dated 12.11.2007 passed by the learned Company Judge in Company Application No.
1.51 crores.
Undeterred by rejection of one application, the appellant filed another application, which came to be registered as Company Application No.504 of 2007, for recall of order dated 30.8.2007.
1.51 crore was given by respondent No.4, and option was given to the appellant if he is prepared to pay Rs.
During the pendency of the appeal, the Division Bench of the High Court gave opportunity to the parties to give higher offers.
Ltd. offered Rs.1.61 Crores.
DATE 27.03.2008 On 05.03.2008, respondent number1 was prepared to deposit Rs.1.51 crores.
504 of 2007 was allowed and the Official Liquidator was directed to companyplete the formalities for execution of the sale deeds in respect of the property belonging to M s. Global Arya Industries Limited hereinafter referred to as, the Company in his favour.
Ltd. has already deposited an amount of Rs.1.51 crores.
Thereafter, the appellant and the intervenor cum promoter gave their respective bids.
