ANIL KUMAR S RUIA Vs. OFFICIAL LIQUIDATOR UNIKOL

JUDGEMENT

(1.) IN this application under section 446 of the Companies Act, 1956, the petitioner has prayed for grant of permission to him for sell the securities of the Company (in liquidation) on which the respondent financial institutions and the bank have the first charge and which are registered with the Registrar of companies so as to full and final satisfaction of their dues against the company (in liquidation) and for payment of the workmen's dues and the surplus, if any, be allowed to be paid to the other creditors in terms of what has been mentioned in the present application.

(2.) THE petitioner was one of the promoter directors of the company (in liquidation). The company (in liquidation) was ordered to be wound up by this court vide order dated 20th of July, 2001 in company petition No. 15/ 93. It is stated that in the process of negotiation the petitioner has searched a prospective buyer to purchase all the charged assets in the sum of Rs. 8 crores. On this application the court straight away not granted this permission, as prayed for. The court was of the opinion that its reserve price is fixed eight crore rupees and the assets of the company (in liquidation) be put to the public auction as to get the maximum price thereof. In the petition the prospective buyer searched by the petitioner has been impleaded as the respondent No. 6.

(3.) ACCORDINGLY the Official Liquidator invited tenders vide notification which was published in the Economic Times (all editions). Indian Express (Delhi, Mumbai and Ahmedabad Editions) and Rajasthan Patrika (all editions in Rajasthan).