MAHENDRA KUMAR ROONGTA Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) Two applications have been made in the above matter, the first application has been made by the Official Liquidator, inter alia, praying that the respondent purchaser that is Mahendra Kumar Roongta be directed to take over possession of the movable and immovable assets of the company in liquidation upon payment of the costs and expenses incurred by the official Liquidator from the date of sale till the date of taking over possession of the assets in question, after adjusting the apportioned value of the land measuring four kathas and nine chataks. The Official Liquidator has further prayed that in default the -sale in favour of the said Mahendra Kumar Roongta be set aside and leave be given to the Official Liquidator to take steps for resale of the assets of the company (in liquidation) by forfeiting the money deposited by the respondent. The Official Liquidator has also prayed for leave to encash the sum of Rs. 9,00,000/ - invested in fixed deposit with the bank and for the disbursement of the amount.

(2.) The second application has been made by the said Mahendra Kumar Roongta, inter alia, praying that the sale of movable and immovable assets of the company in liquidation in favour of the applicant be set aside and the Official Liquidator be directed to refund the sum of Rs. 9,00,000,- together with interest to the applicant.

(3.) By an order dated April 24, 1985 the company namely Lord Plastics and Glass Works Pvt. Ltd. was directed to be wound up. On 12th December, 1986 a sale notice was issued by the Official Liquidator for sale of shed, building, machinery and equipment etc. and land measuring approximately three bighas 0.8 cottachs of Lord Plastics Glass' Works Pvt. Ltd. (In Liquidation) lying at Bhasa P.O. and P.S. Bishnupur District -- 24 Parganas, on 19-12-86. On 19th December, 1986 an order was made by the learned Company Judge, wherefrom it appears that the said Mahendra Kumar Roongta gave an offer for Rs. 9,00,000 / which was the highest offer and the Court accepted his offer. The said Mahendra Kumar Roongta was directed to deposit 25% of the sum by 22nd December, 1986 and the balance amount by 15th January, l 987 with the Official Liquidator. It was also directed that the matter will appear in the list on 16th January, 1987 for confirmation of sale. It is apparent that though the terms and conditions of sale required a prior deposit of 10% of the offered amount by the 18th December, 1986, the said Mahendra Kumar Roongta did not make any prior deposit as required by the terms and conditions of the sale.