BAHUBALI CEMENT LTD.(IN LIQUIDATION) Vs. STATE

JUDGEMENT

(1.) The interlocutory application has been filed by the Bihar Industrial Area Development Authority (in short 'BIADA' ) for re-tender of Schedule I property of the company in liquidation, namely, Bahubali Cements Limited with respect to which the highest offer of Rs. 50 lacs made on behalf of M/s Symbiosis Electronic Pvt. Ltd. was accepted by this Court on 21.8.2009. In the said application the BIADA has made an offer to purchase the aforesaid property at a price of Rs. 55 lacs and accordingly, it is prayed that the sale of Schedule I property of said Bahubali Cement Ltd. accepted on 21.8.2009 be cancelled and a fresh auction for getting the better value of the property in question be ordered.

(2.) The short facts relevant for consideration of the present matter is that a sale notice was published on 4.5.2009 for the sale of lease hold land measuring 2.50 acres along with Godown and certain constructions on 'as is where is and whatever there is' basis with respect to Schedule I property of the company in liquidation. The only tenderer found on 2.7.2009 when the sealed tender was opened, was the BIADA which had made an offer of Rs. 10 lacs. However, in view of the fact that the property had been valued at Rs. 93,54,997/- by the official valuer, the BIADA was given time and ultimately an offer of Rs. 30,00,000/- was made on behalf of the BIADA. On 17.7.2009 an interlocutory application was filed on behalf of M/s. Best Towers (Pvt.) Ltd. expressing its intention to participate in the sale as it had recently learnt about the same and on 24.7.2009 it made an offer of Rs. 35 lacs upon which learned Counsel for the BIADA stated that he had instruction to make an offer not more than Rs. 35 lacs, whereafter learned Counsel for M/s. Best Towers (Pvt.) Ltd. increased the offer to 36 lacs. Keeping the offer pending, a fresh notification for sale was directed to be published by the Official Liquidator. When the tender was opened on 21.8.2009 on the basis of fresh sale notice, two other tenderers made their offers.

(3.) Both the offers were below the offer of Rs. 36 lacs made by M/s. Best Towers (Pvt.) Ltd. and learned Counsels for the two new tenderers, namely, M/s. Symbiosis Electronics Pvt. Ltd. and M/s. Spicy Beverage Pvt. Ltd., sought permission to participate in the open bidding in Court which was allowed. Ultimately in the course of bidding the highest offer was made by M/s. Symbiosis Electronics Pvt. Ltd. for Rs. 50 lacs which was accepted and it was directed to deposit the balance amount of Rs. 45 lacs within sixty days and the possession was also directed to be handed over by the O.L. on receipt of the balance amount of the sale consideration. Thereafter the present I.A. was filed by the BIADA which was taken up on 9.10.2009. Learned Counsel for the BIADA was directed to serve copies of the application on learned Counsel for the M/s. Symbiosis Electronics Pvt. Ltd. The Court was also informed by the O.L. that the balance amount had not yet been deposited by the M/s. Symbiosis Electronics Pvt. Ltd., and the Court therefore directed that even if the balance amount is deposited the possession shall not be handed over to M/s. Symbiosis Electronics Pvt. Ltd.