AKHILESH SPINTEX PVT LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard the learned Counsel for the parties.

(2.) Leave to amend granted. Amendment forthwith.

(3.) The 2nd petitioner is a Director of petitioner No. 1-Company. The first petitioner had given its bid in the sale of the assets of respondent No. 7 which was being conducted through respondent No. 3 which is a Reconstruction company under the provisions of the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 ("the securitisation Act" for short). The assets of respondent No. 7 were sought to be sold by inviting bids. The minimum expected offer was for Rs. 14 Crores and the offers were to be given by 21st November, 2005. It appears that some 11 bidders who are called as "quoters" under the bid documents gave their offers. From w. P. (L) No. 3137 of 2005 decided on 10-1-2006. (O. O. C. J. , Bombay) amongst them, the petitioner was one whose offer was for Rs. 15,01,00,000/ -. Three out these were the highest bidders viz. one Proma Industries Ltd. , Maxwell ltd. and Jai Corp. Ltd. (i. e. respondent No. 5 herein). They were subsequently called for further negotiations in which all three of them participated. They were asked to revise their offers and ultimately the 5th respondent, which gave the highest offer of Rs. 19,25,00,000/-, was declared to be the successful bidder. The petitioners are aggrieved by this decision in favour of respondent No. 5 and have filed the present Petition raising various contentions.