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Brijasha Real Infra Projects Pvt. Ltd. through its Director, Vikash Agarwal Versus Official Liquidator M/s. Sidh Plantation, Attached to Rajasthan High Court

Bidding procedures - extension of time to deposit the balance 75 % of the bid amount within 60 days from the date of acceptance of the bid - auction sales - Held that:- It is true that once the appellant has voluntarily participated in the auction as per the terms & conditions knowing it fully well certainly he could not make any claim or raise grievance at the same time it also depicts from perusal of clause-12(iii) of the terms and conditions of auction that the Ld. Company Judge reserves its .....

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the official liquidator has informed to this Court that the total expenditure incurred from the office of official liquidator in preparation of the valuation report and the publication of the auction notice of the subject property in question including other ancillary charges is approx. ₹ 12 Lakhs and taking the matter in totality & the fact in particular that the appellant is ready & willing to deposit the remainder of 75% along with interest @ 24% within the time which this Court may co .....

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₹ 3,93,250 (interest @ 24% for the period from 16-5-2016 to 4-9-2016)= total ₹ 57,55,750 positively within seven days from today with no further extension and we make it clear that if the appellant makes the compliance as per the terms indicated the respondent may complete the process in terms of the tender notice dt.13-2-2016 and if the appellant fails to carry out the arrangement (supra) within the stipulated period, the respondents will be at liberty to proceed further in referen .....

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t) Rules,1959 ("Rules,1959") seeking extension of time to deposit the balance 75 % of the bid amount to the tune of ₹ 53,62,500/- within 60 days from the date of acceptance of the bid (i.e. 13-3-2016). As it reveals from the record that the winding up order was passed by the Company Court dt.12-5-2006 of the company in liquidation namely M/s. Shri Sidh Plantation & Farm Ltd and the Official Liquidator attached to the Rajasthan High Court Jaipur after seeking prior permission .....

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s namely Hindustan Times (English) New Delhi Edition and Dainik Bhaskar (Hindi) all editions in Rajasthan and also by way of distributing pamphlets, drum beating through buzz makers advertising agency & all possible measures were adopted for giving wide publicity as possible. As we are concerned with the tender notice in respect to the Lot no.1, reserved price thereof was fixed of ₹ 31,06,480/- & as per the terms & conditions of the tender notice the last date of receipt of the .....

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rved price of ₹ 31,06,480/-. The copy of the bid sheet dt.10-3-2016 is on record Annx.R1/1 and it reveals that initially none of the bidder proposed more than ₹ 35 Lakhs except the bidder Sh.Gopal Goyal who though offered for Lot no.1 a sum of ₹ 71 Lakh but didn't record his presence on 10-3-2016 and thus in comparison to the present appellant the second highest bidder for Lot no.1 recorded their presence has not exceeded ₹ 36,80,000/-. The Company Court vide its orde .....

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sed to deposit as per the terms and conditions of the tender within sixty days of the acceptance of the bid i.e. 15-3-2016 of an amount of ₹ 53,62,500/- & it transpires that much before expiry of the stipulated period of sixty days request was made by the appellant addressed to the official liquidator on 9-5-2016 to grant him some more time to deposit the remainder of 75% because of some delay in receipt of certain payments likely to be received by him at the earliest. It reveals that .....

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to deposit the remainder of 75% since the deadline to deposit was 15-5-2016 invoking clause 12(iii) of the terms and conditions of auction. The Company Court rejected his application under order impugned dt.13-5-2016 and in consequence of passing of order impugned dt.13-5-2016 order was passed by the Official Liquidator dt.17-5-2016 informing the appellant that as he has failed to deposit the remainder 75% within sixty days from the date of acceptance of the bid on or before 15-5-2016, the secu .....

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Court vide its order dt.15-3- 2016 and 25% of the bid as per the terms & conditions of the bid was deposited by the appellant within time and as regards the remainder of 75% the appellant because of short comings in the collection of fund requested to grant reasonable time considered appropriate and is ready to deposit the remainder amount along with interest which may yield on account of the the alleged delay in depositing the remainder of 75% and taking note of the fact situation we called .....

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mainder 75%) + ₹ 3,21,750 (interest @ 24%) = ₹ 56,84,250/- and after this fact came on record we asked the counsel for appellant as to whether his client is ready to deposit the total amount which includes the payment of remainder 75% along with 24% interest over the said amount as being indicated by the respondent in their affidavit filed in pursuance of the order of the Court. Counsel for appellant after seeking instructions informed this Court that his client is ready to deposit t .....

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ranting indulgence to the appellant as prayed for & they would like to contest the matter on merits & 25% of bid amount has been forfeited and the Official Liquidator proposes to re-auction the subject property, it may fetch the better price & further submits that it will give fair opportunity to the appellant as well to participate in the re-auction process obviously without any lien on the amount already forfeited by the respondent. We have heard counsel for the parties and also ta .....

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ithin sixty days of the acceptance (i.e. upto 15-5-2016) and when he failed to fulfill the terms and conditions of the bid, no error has been committed by the learned Company Court in rejecting his application for extension of time prayed for under order impugned dt.13-5-2016 and further action of forfeiting the 25% amount is as per clause 12(iii) of the terms & conditions of the tender notice and it does not call for any interference by this Court. It is true that once the appellant has vol .....

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to be passed by the Company Court on 12-5- 2006 of the company in liquidation and the subject property has been put to auction after 10 years and whatever amount the subject land may fetch the sale proceeds received on auction will certainly be used/utilized for disbursing to its secured/unsecured creditors on pro rata basis and technically what is being pleaded by the respondent's counsel might have some substance but in the present scenario this Court can take stock of the situation that t .....

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pproved by the Company Court vide order dt.15-3-2016 and the remainder 75% (Rs.53,62,500/-) was to be deposited within sixty days of acceptance (i.e. on or before 15- 5-2016) and within time on 9-5-2016 request was made by the present appellant seeking reasonable time to deposit the remainder 75% to the Official Liquidator & that remain unheeded, he approached the Ld. Company Court seeking indulgence for extension of time to deposit the remainder amount assigning reasons that on account of d .....

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