NARESH KUMAR Vs. VASUTECH LIMITED

JUDGEMENT

(1.) This application is filed under Rule 6 and 9 of the Companies (Court) Rules, 1959 (for short, 'the Rules') read with Section 151 of Code of Civil Procedure, 1908 for setting aside the letter dated 7.9.2015 by which amount of Rs. 62,50,000/- deposited with the official liquidator has been forfeited by him.

(2.) The facts as mentioned in this application are that on 22.4.2009, Company Petition No.13 of 2007 was admitted against M/s Vasu Tech Limited (for short, 'the Company) and on 14.10.2011 official liquidator attached to this Court was appointed as provisional liquidator and was directed to take over the immovable and movable assets of the Company. The Court directed the provisional liquidator to initiate proceedings under Section 454 of the Companies Act, 1956. Thereafter, notice was published in the newspaper inviting sealed offers for purchase of the land, building, plant and machineries of the Company (in provisional liquidation) on "as is where is basis and whatever there is basis". The last date for submission of the bid was 2.6.2014 and the date for opening the tenders was fixed as 3.6.2014. There were 13 bidders in the said bid regarding lot No.II i.e. regarding plant and machinery of the Company. The Official Liquidator was directed to give intimation to all the bidders to participate in the bid of Lots No.1 and II. On 16.2.2015, counsel appearing for the company and bidders, i.e. for both the lots No.I and II were present in Court and after inter-se bidding, the highest bid of applicant- Naresh Kumar was accepted to the tune of '6.25 crores for Lot No.I and II, a draft of Rs. 50 lacs was handed over by his counsel to the Official Liquidator in Court and the highest bidder was directed to deposit, balance amount of Rs. 12,50,000/- to make it 10% of earnest money of the offer made, with the official liquidator, within a period of ten days. On 7.4.2015, the sale in favour of the applicant was confirmed being the highest bidder and was granted six weeks' time to pay the balance sale consideration. The applicant deposited Rs. 12.5 lacs within ten days with the Official Liquidator being 25% of the final bid. The remaining amount was ordered to be deposited vide order dated 7.4.2015 within six weeks. Since the applicant could not deposit the balance amount in time, therefore, he moved an application bearing CA No.330 of 2015 in CA No.426 of 2014 for extension of time and also prayed for 'No Objection Certificate' from the Official Liquidator which was required by the Bank from which the applicant had to raise loan.

(3.) On 29.5.2015, this Court accepted prayer of the applicant and granted time till 31.7.2015. The said order passed by this Court is reproduced as under:-