SIDCO LEATHERS LTD Vs. STATE OF ALLAHABAD

JUDGEMENT

(1.) By means of the application (A-59) filed on behalf of the company (in liquidation), it has been prayed that the confirmation of the sale of the assets of the company which were sold may not be confirmed. A similar prayer has been made, in the application (A-63) filed on behalf of the applicant IFCI and others for recalling the order accepting the highest offer of Rs. 65 lakhs and for readvertising the sale of the assets after fixing a reserve price.

(2.) The relevant facts are that M/s. SIDCO leathers Ltd. (in liq.) was ordered to be wound up vide order dated December 16, 1993, passed by this court and the official liquidator/High Court has been appointed the liquidator. On an application filed by the official liquidator, this court had ordered that the movable and the immovable assets of the company (in liq.) may be sold by calling for tenders. Vide the order dated October 9, 1998, the highest offer to Rs. 65 lakhs in favour of M/s. Enrich Engineering Works Ltd. was accepted, who were directed to deposit the entire amount of sale consideration in four monthly instalments. The official liquidator has reported vide his report No. 19 of 1999, that the full sale consideration has been deposited in four instalments, the last of which fell due on February 9, 1999. Consequently, the official liquidator has prayed that the sale be confirmed.

(3.) I have heard Shri G. D. Srivatsava, learned senior counsel in support of his application (A-59) filed on behalf of the company (in liq.), Shri Vikram Nath, learned counsel appearing for the IFC and two others in support of his application (A-63) and the official liquidator. I have also heard Shri R.P. Agrawal, learned counsel who had put in appearance on behalf of the highest bidder M/s. Enrich Engineering.