9911796707
TMI Blog2005 (3) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter 'the Act', for short). 2. Sale of certain properties is being held. The appellants do not dispute the liability of the properties to be sold for the recovery of dues. The Special Court initially directed the High Court Receiver to hold the sale of the properties. It appears that the High Court Receiver was not able to hold the sale proceedings expeditiously and to the satisfaction of the Special Court and the Court formed an opinion that this was because the High Court Receiver was over-burdened with work. The Court directed further proceedings of sale to be conducted by the Custodian appointed under the Act as requisite infrastructure fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, the property may not fetch the best price. In particular, it was submitted that the reserve price has not been determined by the Special Court as it ought to have been. 5. Having heard the learned counsel for the appellants and respondent No. 1, we are satisfied that an interference with the impugned order passed by the Special Court, which is purely interlocutory and does not decide any rights of any party, is uncalled for. Our attention is invited to the decision of this Court in Canbank Financial Services Ltd. v. Custodian [2004] 8 SCC 355 (para 69), wherein this Court has pointed out that one of the main functions to be performed by the Custodian is to deal with properties in the manner as directed by the Special Court. The lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the enhanced bids are then submitted to the Presiding Judge of the Special Court where the date is fixed for the consideration of the report of the Custodian on the bids received. The date fixed for consideration of the report in the Special Court is communicated to all the bidders indicating that they can enhance their bid before the Special Court, if they so desire. The bidders who are interested, appear before the Hon'ble Special Court and can enhance their bid. Based on the final bid received before the Hon'ble Special Court, the Hon'ble Judge may consider passing an Order confirming the sale of the immovable property in favour of a particular bidder. It is seen that the highest bid has been considered by the Special Court if it ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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