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2011 (7) TMI 1010 - HIGH COURT OF KARNATAKAWinding up – reopening of auction – application filed by Ex-Promoter Director of the company in liquidation - Company was auctioned for Rs. 3,90,00,000 which is far below the market value. he found that the second applicant is ready to purchase the assets of the first respondent-Company for Rs. 4,10,00,000 – Held that:- highest bid offered for Rs. 3,90,00,000/- is very close to the market value accordingly it was accepted by the Court. If the applicant has any other buyers, he would have tendered his offer when the notification was issued or he could have been present before the Court on 4-3-2011 with his bid for Rs. 4.10 crores. Having kept quite all these days after depositing the bid amount the applicants cannot come before the Court and say that they were ready to pay the higher amount. There is no bona fide in the claim made by the applicants. application is dismissed
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