IN RE: SONE VANASPATI LTD. Vs. STATE

JUDGEMENT

(1.) MR . Indrajeet Sinha, learned Counsel appearing for the secured creditor submitted that the highest bid of Rs. 4.25 crores is quite on the lower side as only the land of the factory is more than 10 acres, which is situated on a very strategic location, i.e. only one and half kilometer away from the G.T. Road and near railway line. But he also admitted on instructions from his client that the secured creditor is not in a position to bring any better offer. He also submitted that the delay in this matter will be against the interest of his client.

(2.) TO me it appears that valuation of the property should be more than the highest offer.

(3.) ACCORDINGLY , the highest bid of Mr. Arun Kumar Gupta is accepted at Rs. 4.35 crores and the sale is confirmed in his favour. The balance sale proceeds will be deposited by him within one month from today. The offer of the 2nd bidder namely Upendra Singh Const. (P) Ltd., is retained till the final payment by Arun Kumar Gupta is received within the said time. The purchaser Arun Kumar Gupta may deploy security personnels at their own cost in addition to the security guards already deployed in the factory premises of the company.