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2021 (7) TMI 861 - HC - Companies LawAuction and sale of immovable/scheduled property - Rejection of bid of applicant - seeking stay on the process of issuance of fresh public notice for auction of the scheduled properties - direction to respondent to file an appropriate report before this Hon'ble Court for the confirmation of sale of the scheduled properties in favour of the applicant herein - HELD THAT:- The bid of the applicant was not accepted and the stage of negotiating with him did not arise to validly make the complaint that approval of the Court was necessary, could not be brushed aside lightly. Even if the said aspect is left aside, the scenario offered was that there was only one bid from the applicant. The comparative price was not available except quoted by the applicant. Respondent No.1 appears to have been guided by the said factum and only one offer having been received in the auction, it decided not to accept it and opt for fresh auction by publishing new advertisement. The paramount principle is always that the properties should fetch maximum price in the larger interests of revenue and in the cases like on hand, in public interest. It may be noted that the applicant, when was communicated about the decision of not acceptance of his bid, was conveyed that it will be open for him to participate in the fresh auction. As per the new advertisement which is produced and also screen shared, fresh auction has to be conducted in terms of the order dated 14th June, 2018 of the Company Court in Company Application No.314 of 2015, aforesaid. Under various terms and conditions of the auction and as per the schedule of auction, the inspection of property was undertaken on 23rd June, 2021 from 11:00 a.m. to 4:00 p.m. The last date for receiving the bids and uploading of the documents including proof of payment is 06th July, 2021. The e-auction date is fixed to be 07th July, 2021 between 1:00 p.m. to 5:00 p.m. with auto extension clause of five minutes. The current auction shall be held, conducted and concluded strictly in accordance with the order dated 14th June, 2018 passed in Company Application No.314 of 2015 and the conditions mentioned therein shall govern to the present auction as well - The auction shall be conducted in association with the Official Liquidator in its all stages and steps - application disposed off.
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