INDUSTRIAL CREDIT AND INVESTMENT CORPN OF INDIA LIMITED HOOGHLI MILLS LIMITED Vs. OFFICIAL LIQUIDATOR HIGH COURT CALCUTTA:INDUSTRIAL CREDIT AND INVESTMENT CORPN OF INDIA LIMITED

JUDGEMENT

(1.) Leave granted.

(2.) Heard on merits.

(3.) The company 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 Company. The total liabilities of the Company are stated to be about Rs. 37 crores. On 2-6-1992 the learned Company Judge made an order for sale of the Company's properties and also specified the terms and conditions of the sale. These terms and conditions 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. It appears that on 18-9-1992 the learned Company Judge did not accept the offer of Rs. 4.50 crores for the properties in view of the objections of ICICI. Thereafter a concern known as Laxmi Petrochem in the name of Suresh Kumar Singhania (respondent No. 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 learned company Judge accepted that offer but directed payment of the amount in 30 days. On a prayer made subsequently by Laxmi Petrochem, the learned Company Judge extended the period for deposit of the entire amount to five years. 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. The Division Bench dismissed the appeal. Hence this further appeal by special leave.