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2016 (9) TMI 1049 - RAJASTHAN HIGH COURT

2016 (9) TMI 1049 - RAJASTHAN HIGH COURT - TMI - 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 .....

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rice within a span of six months at the same time 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 inter .....

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t the balance ₹ 53,62,500 (75% remainder) + ₹ 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 .....

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n filed by the appellant u/R 9 of Companies (Court) 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 .....

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ough wide publicity on 13-2-2016 in the newspapers 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 .....

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of the present appellant in reference to the reserved 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  .....

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thirty days and the remainder of 75% he was supposed 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 .....

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stances for extending the time deemed appropriate 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 accep .....

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7; 71,50,000/- which was accepted by the Company 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 .....

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us the total amount becomes ₹ 53,62,500 (remainder 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 .....

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n Court informed that they are not agreeable in granting 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. .....

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the remainder of 75% of the auction sale amount within 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 .....

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s from the record that the winding up order came 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 .....

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377; 71,50,000/- & indisputably the bid was approved 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 remain .....

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n view the surrounding circumstances and the fact that if the property is now put to re- auction as pleaded by the respondents it may take another six months and with a man of ordinary prudence the price which has been fetched in the present auction there is no possibility to fetch this price within a span of six months at the same time the official liquidator has informed to this Court that the total expenditure incurred from the office of official liquidator in preparation of the valuation rep .....

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