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2018 (8) TMI 1913 - HC - Indian LawsAuction - sale to highest bidder - Permission to carry out the formalities for disposal of the immovable properties of the Company in liquidation - HELD THAT:- Considering the highest offer from M/s. Recycling Solutions Pvt. Ltd. Panoli, through Mr.Viral K. Shah, learned advocate, which is proper and adequate, the same deserves to be accepted as sale consideration of immovable property being property of Lot No.I i.e. “Leasehold land admeasuring about 25,912 sq.mtrs., being Plot No.208/2, G.I.D.C, Panoli, Ankleshwar”, originally belonging to the Company (in liquidation) and the same be sold in favour of M/s. Recycling Solutions Pvt. Ltd., Panoli, as per the conditions mentioned in the advertisement - M/s. Recycling Solutions Pvt. Ltd. Panoli, being the highest bidder, shall deposit remaining amount of ₹ 7,88,00,000/- (Sale consideration of ₹ 8.37 Crores - ₹ 49,00,000/- received as EMD) within the time prescribed as per the terms and conditions. Thus, the sale is confirmed by accepting the bid of M/s. Recycling Solutions Pvt. Ltd., Panoli, being the highest bidder. On receipt of total sale consideration from M/s. Recycling Solutions Pvt. Ltd., Panoli, the Official Liquidator shall give physical and actual possession of the immovable properties of the Company (in liquidation) i.e. Leasehold land admeasuring about 25,912 sq.mtrs., being Plot No.208/2, G.I.D.C, Panoli, Ankleshwar to it and thereafter shall undertake the exercise of executing a sale deed in favour of M/s. Recycling Solutions Pvt. Ltd., Panoli.
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