JAIPUR SPINNING & WEAVING MILLS Vs. PODAR MILLS

JUDGEMENT

(1.) THIS application has been filed under Sections 456, 457, 460(4) read with Section 446(2)(d) of the Companies Act, 1956, and Rules 9, 232 and 233 of the Company (Court) Rules, 1959, with the prayer that respondents be ordered to handover peaceful, lawful and vacant possession of the property let out to it by the lease deed dated 30.12.1964 as modified by the deed dated 23.08.1968 and further prayer is made that applicant may be permitted to sell/auction the properties after valuation as directed by this court in its judgment dated 07.12.2007.

(2.) THE matter was heard for quite some length but full -fledged hearing could not be possible as all the parties have not yet filed reply to the application.

(3.) SHRI G.K. Garg, learned Senior Counsel for applicant Official Liquidator, has, in the course of argument, invited attention of the court towards order of this court dated 26.05.2006 in Company Application No. 100/2002 in Company Petition No. 10/1980, by which application filed by the lessee M/s. Podar Mills Limited for purchase of the disputed/leased out property on capitalized value of lease rent, was declined holding that it had no preferential right to purchase the same and that in all fairness, the property is required to be sold in an open auction and the applicant may take part in auction proceedings. It was thereafter that the Official Liquidator, with the permission of the court, got a auction/tender notice published on 07.08.2007 in daily newspapers inviting bids for auction.