JALAL NASAR Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) ALL these Original Side Appeals arise out of the common order dated 23. 11. 2007 passed in Company Petition Nos. 107 of 2001 and 17 of 2004 pursuant to the different Company Applications filed by respective parties.

(2.) WINDING-UP proceedings have been initiated against M/s. SIV Industries Limited (hereinafter referred to as 'the Company') on the reference by Board for Industrial and Financial Reconstruction (i. e. BIFR) and the Official Liquidator took over the Company; the learned single Judge (Company Judge), directed to hold "open-auction" in the Court relating to the property (ies) in question of the Company under liquidation at Sirumugai, Coimbatore; the auction was subsequently held on 2. 11. 2007.

(3.) THE highest offer was given by one Jalal Nasar (the appellant in O. S. A. Nos. 381 and 382 of 2007) for Rs. 236 crores, which was accepted by the learned single Judge and the auction-sale was confirmed in his favour. The said Jala Nasar already deposited a sum of Rs. 10 crores as "earnest Money Deposit (i. e. EMD)" along with his offer, and was directed to pay the balance EMD of Rs. 13. 60 crores, which was not deposited within the stipulated time, i. e. on or before 16/11/2007. Certain adverse orders having been passed by the learned Company Judge, by the impugned order dated 23/11/2007, the appellant of O. S. A. Nos. 381 and 382 of 2007, namely Jalal Nasar challenged the same; during the pendency of these O. S. As. , prayer was also made to refund the security amount and not to forfeit the same.