XYZ Vs. ABC

JUDGEMENT

(1.) THIS order relates to Lot -B, which are movables situate at Bhoothathankettu Barrage, Kothamangalam, Ernakulam District, Kerala.

(2.) SALE of the above property is being taken up pursuant to order dated 20.2.14, whereby this Court directed paper publication in New Indian Express, Daily Thanthi and Malayala Manorama. The property in issue, which are movables, as contained in Annexure -B of the report submitted by the Official Liquidator enclosing the report of M/s. ITCOT Consulting & Services Ltd., who has submitted its valuation report.

(3.) CONSEQUENT to the sale notice, two persons have submitted their offers, i.e., Mr. E.A.M. Asharaf and M/s. Sree Saravana Engineering, along with earnest money deposit of Rs. 23,00,000/ - (Rupees Twenty Three Lakhs only) by way of Demand Draft. Mr. E.A.M. Asharaf has made an offer for a sum of Rs. 72,54,134/ -, while M/s. Sree Saravana Engineering has made an offer for Rs. 54,00,000/ - (Rupees Fifty Four Lakhs only). After opening of the tenders, the Court invited both the parties to make further bids in open Court and pursuant thereto, M/s. Saravana Engineering, represented by Mr. Manikandan made the highest offer of Rs. 100,00,000/ - (Rupees One Hundred Lakhs Rupees One Crore only) and that offer being the final offer. In the event of acceptance of the above bid of M/s. Sree Saravana Engineering, the said bidder also agreed to pay the balance amount of Rs. 77,00,000/ - (Rupees Seventy Seven Lakhs only) within thirty days from the date of acceptance of the offer.