NARENDRAKUMAR NAKHAT Vs. NANDI HASBI TEXTILE MILLS LIMITED

JUDGEMENT

(1.) This Company Application is filed in Company Petition No. 25 of 1985 which had been filed for winding up M/s. Nandi Hasbi Textile Mills Ltd., which is now under liquidation. This Court by an order made on 26-10-1994 passed in O.S.A. No. 17/ 1993 directed the official Liquidator to advertise for sale of the mill of the said company comprising of 25 spindles, about 13 acres of free hold land and buildings with a layout of 10,10,000 Sq. ft. and plant and machinery on 'as is where is basis' : The sale of the said assets were offered subject to certain terms and conditions. The most important of them being conditions 3, 5, 6 and 7 which are extracted below :"xx xx

(2.) The said offer was advertised in the newspapers and the applicant offered his bid at Rs. 2,36,00,000/-. The said bid was accepted. Before making the offer, the applicant had deposited a sum of Rs. 5,00,000/ - by way of Earnest Money with the Official Liquidator and on becoming successful bidder, he deposited a further sum of Rs. 59,00,000/- on 26-2-1995 in terms of condition No. 5 being 25% of the bid amount. However, this Court in O.S.A. No. 17 of 1993 by order dated 26-2-1996, cancelled the acceptance of the said bid made on 18-1-1995 under certain circumstances and this Court directed the Official Liquidator to issue fresh advertisement inviting tenders for sale of the properties under the directions of the Company Judge, with a floor price of Rs.2,40,00,000/(Rupees Two Crores Forty Lakhs).

(3.) Now, this application is filed by the highest bidder seeking for refund of the amount in a sum of Rs. 64,00,000/-deposited by the applicant with the Official Liquidator along with interest that had accrued thereto and to grant such other reliefs as are just in the interest of justice and equity.