IN RE: KANORIA WISCONSIN CENTRIFUGAL LTD. Vs. STATE

JUDGEMENT

(1.) THESE two applications are taken up and disposed of by this common order.

(2.) BY an order of 16 -2 -2007, sale of the assets of the company (in liquidation) was confirmed in favour of Chaudhary and Sons Forging (P.) Ltd., the applicant in C.A. No. 307 of 2007, at a price of Rs. 1.46 crores. The successful bidder was required to put in the balance earnest deposit by 19 -2 -2007. The operative portion of the order provided, inter alia, as follows:

(3.) BEFORE the successful bidder applied for setting aside the Official Liquidator's decision to forfeit the earnest deposit, the applicant in C.A. No. 308 of 2007, who had participated in the sale, sought an order of sale of the assets in its favour. In court today an offer of Rs. 1.5 crores was made to start with and subsequently bettered to Rs. 1.55 crores on behalf of the applicant in C.A. No. 308 of 2007.