B.B. LATHIA Vs. SHRADHHA AROMATICS P. LTD.

JUDGEMENT

(1.) THIS appeal has been preferred against order dated November 27, 2007, Shraddha Aromatics P. Ltd. v. Official Liquidator of Global Arya Industries Ltd. [2009] 147 Comp Cas 322 (Guj), made by the company court in Company Application No. 504 of 2007 whereby original respondent No. 4 in Official Liquidator's Report No. 143 of 2007 was permitted to make a higher bid for the property of Global Arya Industries Ltd. (hereinafter to be referred to as 'the company in liquidation'), whose properties had already been put to auction by the company court and sale confirmed in favour of the appellant herein.

(2.) THE facts briefly stated : The properties of the company in liquidation were valued at a sum of Rs. 64,00,000 as per report of the valuer and the highest offer received by the sale committee was of Rs. 67,00,000. Thereafter, the appellant herein along with others was permitted to make a higher offer by paying late entry charges. It is an accepted position that respondent No. 1 herein was also a party to the auction proceedings which took place in the court on August 30, 2007, and the court recorded the respective highest bids made by four parties, who participated in the auction proceedings. The said details read as under:

(3.) AFTER this order of August 30, 2007, respondent No. 1 herein approached the official liquidator by way of a communication dated September 19, 2007, whereunder it was stated thus: However, due to the absence of our senior partner who is main decision maker, we had not then raised the offer further and hence decided now to further increase our offer to Rs. 141 lakhs. Your good self is requested to kindly consider our revised offer for Rs. 141 lakhs for the auction price of the above properties related to account Global Arya Industries Ltd. Further, in case of inter se bidding, please inform us to enable us to participate and revise further our offer thereof.