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2007 (11) TMI 419 - HIGH COURT OF GUJARATWinding up - Custody of company’s properties - Held that:- Since the present applicant is offering ₹ 1.51 crores and it is already deposited with the Official Liquidator, there is no reason not to accept the said offer. Therefore, the order dated 30-8-2007, passed by this Court in O.L.R. No. 143 of 2007 is hereby recalled and the sale of lot No. A of the company in liquidation confirmed in favour of respondent No. 2 is hereby cancelled. The Court hereby confirms the sale of lot No. A of the company in liquidation in favour of the present applicant for ₹ 1.51 crores. Since the entire sale consideration has already been deposited by the applicant with the Official Liquidator, the Official Liquidator is hereby directed to hand over the possession of the movables within one week from today and the sale deed be executed in favour of the present applicant within one week from the date of receipt of the draft of sale deed from the present applicant. Since respondent No. 2 has already paid an amount of ₹ 1.27 crores, now the said amount is required to be refunded to respondent No. 2. The present applicant is, therefore, directed to pay interest at 12 per cent per annum on the actual amount of respondent No. 2 lying with the Official Liquidator. As soon as this transaction is over and sale deed is executed and possession is handed over, the Official Liquidator shall file compliance report before the Court.
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