IN RE: AKOLA OIL INDUSTRIES LIMITED Vs. STATE

JUDGEMENT

(1.) These reports are filed by the Official Liquidator appointed over M/s. Akola Oil Industries Ltd. for confirmation of auction sale held on 9-11-2012, as per the notice issued pursuant to an order dated 13-4-2012 passed by this Court. The advertisement contained invitation of bids for 39 properties on "as is where is basis" and "as is whatever basis". In the auction conducted on 9.11.2012, the highest bids in respect of all the properties are accepted, subject to confirmation of sale by this Court in terms of the order dated 13-4-2012.

(2.) On 15.2.2013, this Court passed an order as under :

(3.) On 8.3.2013, when this matter was listed before this Court, the attention of this Court was invited to Condition Nos.9 and 21 of the terms and conditions of sale, which required the deposit of the entire balance amount of consideration within a period of six months from the date of passing of the order of confirmation of sale by this Court. This Court, therefore, modified the earlier order dated 15.2.2013 and directed that in the meantime, all the bidders should file the pursis stating as to how much amount they are prepared to deposit with the Official Liquidator, pursuant to the demand raised by the Official Liquidator.