FLAVURO FOODS PVT. LTD. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This intra court appeal is directed against an order passed by the Company Judge, dtd. 7/11/2023 in Company Petition No. 27 of 2007. The learned Company Judge has noticed that pursuant to auction proceedings initiated by the official liquidator the proposed sale was widely published in Amar Ujala (Hindi) (All UP Edition) and Hindustan Times (All India Edition) (English). Three bids have been submitted before the official liquidator all of which were above the reserve price fixed by the Company Judge. Learned Company Judge by the order under challenge has directed the official liquidator to re-advertise the auction by enhancing the reserve price to the amount quoted by the highest bidder i.e. the appellant. Aggrieved by the decision of Company Judge the highest bidder has filed the present appeal.

(2.) It transpires that in the liquidation proceedings an order came to be passed by the Company Judge on 24/5/2023 directing the official liquidator to publish e-auction notice for sale of the property in question. Auction notices were thus published on 24/7/2023 in Hindustan (Hindi) in all editions and Indian Express (English) all India editions. Pursuant to such publication of auction notice three offers were received by the official liquidator, which are as under:- <FRM>JUDGEMENT_14_LAWS(ALL)1_2024_1.html</FRM>

(3.) The reserve price for the property to be auctioned was fixed by the Company Judge at Rs.9,65,55,205.00. It is, therefore, apparent that all three offers received by the official liquidator were above the minimum price of the property fixed by the Company Judge. The official liquidator submitted proceedings alongwith application on 11/9/2023 for acceptance of appellant's highest bid by the Company Judge.