DIGITAL DEVICES LIMITED Vs. STATE

JUDGEMENT

(1.) M/s Digital Devices Limited (the company under liquidation) is owner of the immovable property located at village Kohari, Tehsil Kandaghat, District Solan, Himachal Pradesh.

(2.) Attempts were made to sell this property with the consent of the secured creditors. Initially, a bid or Rs.40.45 lacs was received from M/s Arora Udyog Limited. Later on they agreed to enhance the bid to Rs.50 lacs. Subsequently, some other parties also showed interest in purchasing the property. One such bid was received from M/s PVR Housing Private Limited of Rs.52 lacs.

(3.) In the order dated 27th October, 2005, this Court noticed that the bid received from M/s PVR Housing Private Limited was the highest bid. However, M/s Arora Udyog Limited expressed their willingness to match the said bid. The offer of M/s Arora Udyog Limited was accepted. They were directed to pay 25% of the bid amount within 7 days and the remaining 75% amount within 60 days. The order also records that M/s Arora Udyog Limited had agreed to pay 25% of the bid amount by two demand drafts on that day itself. It may be noted that M/s PVR Housing Private Limited had not deposited any earnest money and, therefore, preference was given to M/s Arora Udyog Limited. As per the appearance marked while passing order dated 27th October, 2005, no one was present on behalf of M/s PVR Housing Private Limited.