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2018 (3) TMI 1789 - HC - Companies LawAuction - case of respondents is that no orders should be passed on the report of auction as there was a person available with him ready to offer better price - HELD THAT:- The highest bid was offered by the M/s ECR Buildtech Pvt. Ltd., New Delhi for an amount of ₹ 1 crore 81 Lakhs at the time of bidding. The earnest money deposited (EMD) of all the unsuccessful bidders were returned on the same date and the EMD amount of the highest bidder has been deposited by the Official Liquidator with Punjab National Bank, Jaipur on 22.02.2018. Prayer has been made to accept the highest bid offered by ECR Buildtech Ltd., New Delhi by the Official Liquidator. Taking into consideration the reserve price and noting the aforesaid proceedings, it is deemed appropriate to accept the highest bid offered by ECR Buildtech Pvt. Ltd. for a sum of ₹ 1 crore 81 lakhs subject to abiding by the terms and conditions laid down by the Official Liquidator in his notice inviting tenders. The Official Liquidator is directed to proceed further.
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