K SATISH KUMAR Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) C. A. 1043/02 filed in Company Petition No. 68/97 is by a person who had offered to buy the assets of the company under litigation and which had been advertised for sale as per a paper publication carried in Times of India, News Daily of Bangalore Edition on 28-3-2002. The applicant who had responded to this and who had offered the highest bid amount of Rs. 365 lakhs had, subsequent to certain negotiations etc. , increased this offer to Rs. 375 lakhs. The sale itself was being conducted pursuant to the permission granted by this Court on 11-3-2002 permitting the Official Liquidator to sell the properties of the Company namely M/s. Swede (India) Teltronics Limited, which had been ordered to be wound up by this Court by an order passed on 27-1-2000.

(2.) THE paper publication reads as under :-

(3.) THE applicant, who has only made Earnest Money Deposit ('emd' for short) of a sum of Rs. 6,86,600 has not made any payment at all though has offered a price of Rs. 375 lakhs in respect of the property and as per the terms and conditions of sale, the highest bidder was required to deposit 25 per cent of the amount within seven days and the balance within the next sixty days. Though the terms and condition of the sale which are as under :-