MANOJ I NAIK & ASSOCIATES Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) The factual exposition that is capable of being encapsulated in a real small compass, has, with some passage of time and turn of events, grown into a colossal structure having the effect potentiality to amaze and perplex any prudent man. The chronology of events pyramids a gradual financial structure, making it limpid how on certain occasions properties are sold for a song in so called sales made in the proceedings under the provisions of the Companies Act, 1956 (for brevity 'the Act') and how with some intervention the said competitors metamorphose themselves into different incarnations, and the roses on the table turn into pearls and diamonds in the private closets. To put it succinctly, the price fixed at Rs.6.25 crores for 291 plots has fetched, by the intervention of this Court, Rs.70 crores for 113 plots. It is not change of heart, but the price reality that gets manifest. Not for nothing it has been said, "money can solve the problems concerned with money". The large amount of money, we are inclined to think, would solve the problems of the company in question.

(2.) The short narration. A company, namely, M/s Vitta Mazda Ltd. went into liquidation and on 21.02.2002, the High Court of Gujarat directed the Official Liquidator to put up the properties of the company in liquidation (except those for which applications are pending before the said Court for regularisation of transactions) to auction for sale. Thereafter many an order was passed. On 18.12.2004, the learned Company Judge, by taking into consideration many aspects, declined to accept the report of the Official Liquidator for acceptance of the offer made before the sale Committee. An appeal was preferred being O.J. Appeal No. 81 of 2004, wherein the Division Bench of the High Court on 30.08.2011 passed the following order:

(3.) When the matter was listed on various dates, it was thought it appropriate that there should be a proper auction and, accordingly, the following order came to be passed on 02.07.2014:-