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2016 (11) TMI 26 - HC - Companies LawHighest bidder - auction sales - Held that:- In view of the prayer made by in the application for confirming the minutes recorded on 14.07.2016, the same is allowed and the Official Liquidator is directed to hand over the possession of the assets/property situated at Plot No.191, Village Bamanbore, Tehsil Chotila, District Surendernagar, Gujrat to Virti R. Shah- the highest bidder and the Official Liquidator is also allowed to refund the earnest money of the other bidders which were taken as per minutes dated 14.07.2016 and to pay the bill of expenses of publication of sale notice incurred by the Ex- Management/Secured Creditor on publication of sale notice in priority to other debts in terms of Rule 272 of the Rules. However, it is made clear that the physical possession of the property purchased by Virti R. Shah shall be handed over after receipt of the entire sale consideration.
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