TMI Blog2005 (8) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... therein arising out of C.P. No. 60 of 1994 whereby sale by private contract of valuable immovable property has been permitted and sanctioned and ordered to be proceeded with..." It will be seen from the aforesaid prayer that the appellant not only wants us to set aside the orders dated March 4, 2003 and March 6, 2003, but also all earlier orders which have been passed in Co. Petition No. 60 of 1994. Any appeal arising out of an order passed by the learned company judge has to be filed within the prescribed period of limitation. No general prayer can be maintained, wherein, on the basis of one or two impugned orders an appellant can pray for setting aside of the previous orders passed by the company court. Therefore, the prayer as made c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the appellant that it was mandatory to sell the property by public auction. It has been held that the offer of the tenant could not strictly be termed as private contract and that in any case a private contract was permissible in law as per section 457(1)( c ) of the Companies Act, 1956. It has been further held that in view of the facts and circumstances of the case and the offer made by the applicant who was a tenant in the aforesaid premises at a rate, which the valuer had found on the assumption that vacant possession of the flat was to be given, the price offered is fair. So far as the impugned order dated March 6, 2003, is concerned it makes reference to C.A. No. 1641 of 1999 in C.P. No. 60 of 1994 and then states that the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant to purchase the property in terms of the said valuation but the appellant having failed to pay the sum themselves or to provide any other buyer, it simply demonstrates that the valuation report obtained by the appellant was of no credence. All that the appellant succeeded in doing was to stop the sale of the property from 1997 till 2005. It is relevant to reproduce the order passed by the company court on December 1, 2000 : "C.A. No. 1641 of 1999 in C.P. No. 60 of 1994. The applicant, DCM Shriram Consolidated Ltd. is a company incorporated under the Companies Act. As per agreement dated September 1, 1992, between the applicant-company and DIOR International (company in liquidation), the applicant took the premises/flat No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for a direction to the official liquidator to pay stock refund the security deposit of Rs. 45,00,000 to the applicant-company immediately and take possession of the flat. M/s. Alfa Engineering Consultants were appointed to value the property in question. As per the valuation made by them if vacant possession of the property is available, the value of the property would be Rs. 1,14,75,000. The applicant is willing to purchase the property for the said price. The liquidator, who is present in court, submits that the valuation made by the approved valuer is reasonable and that the application may be allowed to purchase the property for the abovementioned price. The liquidator also submits that he has no objection to adjust the refundable int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is of significance is that the review application was filed on July 3, 2001, which was much beyond the period of limitation. In any case when appeal is maintainable against an order passed by the company court and such a valuable right of the appellant was being affected it passes our comprehension as to why the appellants chose to remain silent and did not prefer an appeal. It appears to us that the order could not have been successfully assailed by the appellants as they were blowing hot and cold in the same breath. From what has been noticed above, it will be seen that the learned company judge at the instance of the appellant had got the revaluation of the property done. The learned judge also gave an option to the appellant to purch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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