BHAGESHWARI PAPERS LTD Vs. LAKHANI FOOTCARE PVT.LTD

JUDGEMENT

(1.) OLR No.31/19 has been field by the OL with a prayer to confirm the sale of the properties of the Company-in- Liquidation in Lot No.1 in favour of the highest bidder M/s Seabright Landmark Projects LLP, Indore (M.P.). IA No.7202/19 has been filed by the highest bidder M/s Seabright Landmark Projects LLP for confirmation of sale and direction to the OL to execute the sale deed and IA No.6678/19 has been filed by one M/s.Om Gurudev Enterprises with a prayer to accept its offer, which is more than the offer made by the highest bidder and sale the assets in Lot No.1 to it.

(2.) The brief facts are that this Court had passed the winding up order in the matter on 9.9.2016. Thereafter the attempts were made to sale the assets of Lot No.1 but since no buyer had come forward to purchase the said assets, therefore, in the meeting of the assets sale committee dated 28.8.2018 it was decided to sale the assets of Lot No.1 at a price of Rs.27.90 Crores and EMD of Rs.2.80 Crores. Hence the OLR No.29/2018 was filed before this Court seeking permission to sale the assets of Lot No.1 at the reserved price of Rs.27.90 Crores and the same was allowed by this Court by order dated 17.12.2018. Thereafter the advertisement of sale notice was issued in Dainik Bhaskar, All M.P. Edition and the Economic Times, All India Edition on 9.3.2019 and inspection of the assets/properties was given to the interested buyers on 18.3.2019. In order to give wide publicity of sale of the aforesaid assets, the sale notice was uploaded on MCA portal. The e-auction was held on 4.4.2019. The meeting of the assets sale committee/secured creditors was held on 16.4.2019. The E-auction agency M/s e-Procurement Technologies Ltd., Ahmedabad had submitted the final report in respect of the tender and highest offer received in the e-auction. As per the report of e-auction against the reserved price of Rs.27.90 Crores, the highest offer of Rs.28,15,00,000/- was received from M/s Seabright Landmark Projects LLP, Indore (M.P.). After receipt of the highest offer, on 12.4.2019 an offer of Rs.29 Crore was received from one M/s Aviral Buildcon Pvt. Ltd. vide email dated 12.4.2019. During the meeting the representative of the Bank of India had requested the assets sale committee to consider the highest offer of Rs.28,15,00,000/- from M/s Seabright Landmark Projects LLP, Indore (M.P.). This is duly reflected in the minutes of the meeting of the assets sale committee dated 16.4.2019. Thereafter on 10.6.2019 the offer of M/s. Om Gurudev Enterprises of Rs.30.69 Crores was received and on 18.6.2019 one offer of Shri Girish Panchal without disclosing any amount was received. Hence the OL has filed the report OLR No.31/19 mentioning the details of all these offers and making alternate prayers of confirming the sale in favour of highest bidder or in favour of the subsequent offeree M/s Om Gurudev Enterprises, Indore.

(3.) The submission of learned counsel for the highest bidder is that the bid of the highest bidder M/s Seabright Landmark Projects LLP, Indore (M.P.) was already found to be highest and accepted by the assets sale committee and it had deposited the EMD at that time and thereafter almost an year was passed, therefore, subsequent offers may not be considered at this stage.