JAYSHREE KAILASH WANI Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This intra-court appeal under Chapter VIII, Rule 5 of the Allahabad High Court Rules read with Sec. 483 of the Companies Act, 1956 is against the order of the Company Judge dtd. 12/9/2024 whereby the Civil Misc. Application No.46 of 2024 preferred by the appellant seeking extension of time to deposit the bid amount in pursuance of the orders dtd. 26/7/2023 and 1/12/2023 of the Company Court was rejected. Facts

(2.) Broadly, the facts of the case are that M/s Ganga Asbestos Cement Pvt. Ltd. ( In short 'Company') was directed to be wound up by the Company Judge by order dtd. 25/4/1995. Thereafter, the Company Judge on 29/11/2022 directed for e-auction of the assets of the company in liquidation situate in Village Dariyapur, District Raebareilly.

(3.) An e-auction notice came to be published in the year 2022 for auctioning of the land measuring 9.211 hectares or 92110 sq. meters containing a reserved price of Rs.15.00 crores. As per the e-auction notice the earnest money being 10% of the reserved price was Rs.1.5 crores and the date and the time of the inspection of the demised property which was put to auction was scheduled on 2/1/2023 and 3/1/2023 from 11.00 a.m. to 5.00 p.m. The date of submitting the earnest money deposit was 9/1/2023 upto 5.00 p.m. and the bidding was scheduled on 10/1/2023 upto 6.00 p.m.