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2011 (9) TMI 771 - HIMACHAL PRADESH HIGH COURTWinding up of company - Official Liquidator took over the assets of the company in terms of the winding up order in December, 2005 - In the year 2008, one of the secured creditors, i.e. IFCI Ltd., filed Company Application No. 52 of 2008, seeking sale of the assets of the property so that these could be distributed amongst the secured creditors and if anything was left over, be paid to the unsecured creditors - When there is a stipulation that a certain amount of money has to be deposited by way of earnest money, then either that money has to be paid in cash or in tangible terms, i.e, demand draft - The Official Liquidator should have only opened the bids and declared the highest bidder. When the bids were opened, M/s. Mahabali Balaji Tradex Private Limited increased its offer to Rs. 14,52,00,000 - It is a well known fact that when properties are put to auction by the Court, they are in the nature of distress sales and more often than not it is very difficult to realize the actual market value of the property in such distress sales - Held that: the opening of the bids on 28th September, 2011, shall be restricted to the Auction Purchaser and M/s. Mahabali Balaji Tradex Private Limited and no other person shall be permitted to take part in the bid - the Auction Purchaser or M/s. Mahabali Balaji Tradex Private Limited cannot be denied the interest on their deposits of Rs. 11.76 crores and Rs. 3 crores, respectively, because, now they have to bid afresh and this interest portion is not being taken into consideration while calculating the bid amount - Appeals are disposed of
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