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2019 (1) TMI 2019 - HC - Companies LawRecovery of dues by auction of assets - petitioners submits that data relevant for finding out how valuation of properties has been arrived at is not furnished and therefore he is not in position to effectively advance the case of his clients - HELD THAT:- Papers show that there have been 8 rounds of auction on various dates starting from 18/10/2017 till 18/9/2018. Respondent No.2 submits that in first round of auction the price disclosed by respondent No.3 company was itself accepted and accordingly 90% of it was worked out as reserve price. He also has explained how that price is required to be scaled down thereafter. 53 properties are still to be auctioned, we direct Respondent No.1 and 2 to permit representative of petitioners along with their advocate to inspect the valuation papers in relation to those properties - As 15 auctions have already been completed, we permit successful auction purchasers to complete the transaction and to take possession. However, same shall be subject to further orders of this Court in the matter. In relation to remaining 53 properties though respondent Nos.1 and 2 may take necessary preparatory steps, actual auction shall not be conducted until further orders - List the matter for further consideration on 29/1/2019.
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