Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2010 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 581 - HIGH COURT OF PATNAAuction sale - Held that:- The submission of learned counsel for Symbiosis Electronics (P.) Ltd., that the action of the BIADA amounts to waiver of its right and it is not open to it to re-agitate the question by getting the previous sale reopened and the earlier tender cancelled since the BIADA had full knowledge of the present auction, cannot be accepted as in similar, circumstances Divya Manufacturing Co. (P.) Ltd., which had withdrawn the earlier offer was permitted to take part in further bidding to make higher offer. Thus, in the light of the aforesaid discussions the previous acceptance of offer of ,Rs. 50 lakhs on behalf of Symbiosis Electronics (P.) Ltd., made on October 21, 2009, is withdrawn. Accept the suggestion made by the official liquidator that in case the earlier offer is withdrawn then the matter should be re-advertised for sale. The same would be necessary to ensure the widest possible participation in the tender process for the realisation of the best price.
|