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SALE OF PROPERTY THROUGH PUBLIC ACTION IN LIQUIDATION PROCEEDINGS – SOME ISSUES

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 15-10-2015 Last Replied Date:- 18-10-2015 - In liquidation proceedings Official liquidator is appointed for performing the winding up procedure. The Official liquidators are appointed by the Central Government and are attached to the various High Courts. The Official Liquidators act under the directions of the High Court. The primary function of the Official Liquidator is to administer the assets of the company under com .....

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cals Limited and others - 2015 (8) TMI 890 - SUPREME COURT (decided on 11.08.2015) the respondent had filed a winding up petition against the appellant company alleging the appellant company had failed to repay a loan of ₹ 6 lakhs. The company instead of repaying the dues initiated for the closure of the company and to sell its assets. It also issued closure notice. The Company Court appointed an official liquidator. The Official liquidator took over the assets of the company. In the first .....

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The Supreme Court found that the objections raised by the appellant were not considered and heard on merit. The auction sale was confirmed without observing the required formalities. The conduct of the Official Liquidator in selling the property at a price of ₹ 45.45 lakhs without proper publicity through advertisement or fixing any reserve price for the assets cannot be sustained in law, particularly when the predecessor Official Liquidator reported that the property put in auction is of .....

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een done the auction sale and the order confirming the sale are liable to be set aside. The Supreme Court directed the Official Liquidator to recover the possession of the properties and proceed with a fresh auction after obtaining the fresh valuation report and fixing the reserve bid. In Pravin Gada and another V. Central Bank of India and others - 2012 (12) TMI 393 - SUPREME COURT the auction of the assets of the company in liquidation was conducted. The auction sale was confirmed in favor of .....

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ing the interest component on the amount deposited by the appellants the sum would come to ₹ 4.75 crores. The Supreme Court confirmed the sale in favor of the appellant subject to their depositing a further sum of ₹ 50 lakhs In Vedica Procon Private Limited V. Balleswar Greens Private Limited & others - 2015 (8) TMI 933 - SUPREME COURT (decided on 13.08.2015) M/s Omex Investors Limited was ordered to be wound up. The Official Liquidator attached to the Gujarat High Court was appo .....

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t in this case is the second highest bidder. He filed an appeal before the Division Bench expressing his willingness to raise its offer to an amount of ₹ 160 crores for the land in question and offered to deposit the amount within 72 hours. The Division Bench directed the first respondent to the Company Judge. The Company Judge allowed the application. The appeal of the appellant against the order of Company Judge before the Division Bench was dismissed. Hence he approached the Supreme Cou .....

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