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2014 (4) TMI 1192 - COMPANY LAW BOARD, MUMBAISeeking permission to sale the properties - Held that:- To meet the urgent liabilities of the Company, the Answering Respondents are permitted to sell the property(ies) of the Company i.e. Akola Oil Industry and Akul Plaza. To supervise the same, I hereby appoint Hon'ble Justice Mr. K. K. Lahoti Former Judge, High Court M.P having address at B-23, Sector 14, Noida-201 301, (Mob. No.09425152000 a-mail- j kklahoti a nmail.com) as Observer-Cum-Facilitator. The Parties are directed to render all the assistance and co-operation to the said Observer-Cum- Facilitator. The Answering Respondents shall furnish all informations as desired by him alongwith the relevant record in respect of the properties sought to be sold and after his approval only, an agreement for sale and/or sale deed shall be executed by the Answering Respondents in favour of the Prospective Purchaser(s). It is, however, clarified that in respect of registered agreements for sale of plots of the said properties which the Company has already entered into with the Prospective Buyer(s), this order will not be applicable. The Ld. Observer-Cum-Facilitator is requested, to ensure that the properties are sold at the best price. Reasonable time may also be granted to the Petitioners to match the offer and /or to bring a better buyer. However, on this ground, the Petitioners will not be allowed to delay/derail the process of sale. The Meetings for the purposes of sale of properties may be held at Aurangabad/Jalana/ Akola/ Pune or any other place as the Hon'ble Observer-Cum-Facilitator after consultation with the Parties and the prospective purchaser(s) decides.
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