MANOJ I NAIK AND ASSOCIATES Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE present appeal arises against the order dated 18.12.2004 passed by the learned Company Judge in OLR No.100 of 2003, whereby the learned Company Judge has not accepted the report of the OL for acceptance of the offer made before the Sale Committee.

(2.) WE have heard Mr.C.J. Vin, learned Counsel appearing for the appellant and Mr.R. M. Desai, learned Counsel for the OL.

(3.) APART from the above, even if the matter is to be considered for the test of exercise of the judicial discretion exercised by the learned Company Judge, it appears that the learned Company Judge, at paragraph 5, recorded that the valuation made by the Bank of Baroda of the property is much more than the offer submitted by the appellant. If the said aspect is further considered, it appears that the offer of the appellant was Rs.1.03 crore, whereas it is a part of the record of the Sale Committee's proceedings that as per Bank of Baroda, the valuation of the property was Rs.6.25 crore. It has been stated that there was also another report, which was shown to the Court.