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2021 (7) TMI 785 - HC - Companies LawLiquidation order - purchase of Lot No.4 being a property, which had no interested buyers - inspite of issuance of various advertisements, with regard to sale of property, no interested buyers came forward to purchase the property - HELD THAT:- This Court is satisfied that there is no factual impediment in allowing the prayers of the applicants for purchasing Lot No. 4 of the land in question. ₹ 50 Lakh has admittedly been deposited by the applicants with the Official Liquidator as 20% of the total consideration money in terms of the offer letter. It is also admitted that there is no other buyer for the said plot of land as would be evident by the order dated 14th June, 2019. No other offers have since been received by the Official Liquidator. There is admittedly no such transfer application which is pending before this Court. There is also no proceeding pending in relation to the company (in liquidation) before the NCLT. No person or entity has come forward for reviving the Company (in liquidation). This Court is of the view that these factors sufficiently differentiate the present matter from the case of ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. [2020 (12) TMI 535 - SUPREME COURT] where it was decided specifically in relation to an application for transfer of the winding up proceedings to the NCLT. It is also evident from the submissions made on behalf of the Official Liquidator that sufficient expenses have been incurred for publishing the four advertisements of the sale notices in newspapers and for valuation of the property. This would amount to circumstances which cannot be reversed if this Court were to abstain from proceeding with the matter - application disposed off.
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