TMI Blog2016 (11) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... Ex- Management/Secured Creditor on publication of sale notice in priority to other debts in terms of Rule 272 of the Rules. However, it is made clear that the physical possession of the property purchased by Virti R. Shah shall be handed over after receipt of the entire sale consideration. - CA No. 406 of 2016 in CA No. 696 of 2008 in CP No. 42 of 1999 - - - Dated:- 17-10-2016 - RAKESH KUMAR JAIN, J. For The Appellant : Mr. Aseem Aggarwal, Advocate with Mr. D. K. Singh, Official Liquidator For The Respondent : Mr. Anand Chhibber, Senior Advocate with Mr. Vaibhav Sahni, Advocate, for Ex-M.D. This application is filed under Section 457 (3) of the Companies Act, 1956 read with Rule 9, 272 of the Companies (Court) Rules, 1959, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the Ex-Managing Director/Secured Creditor on 02.07.2015 the sale notices were published in the news papers namely Gujrat Samachar (Rajkot Edition), Divya Bhaskar having circulation in Gujrat and Economic Times (Ahemedabad Edition) by the Ex-Managing Director/ Secured Creditor on 15.06.2016. In response to the advertisement made on 15.06.2016 in the aforesaid newspapers 06 offers (in sealed cover) have been received in the office of Official Liquidator on 12.07.2016, which was to be opened on 13.07.2016, however, due to inevitable circumstances, the Official Liquidator has to attend the meeting in Head office of the Ministry of Corporate Affairs at New Delhi on 13.07.2016, therefore the offers could not be opened on the said date as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um bid of ₹ 66.51 lacs for the assets/property of M/s La- Medical Devices Limited (in liqn.) given by Sh.Virti R. Shah, 7 Bhakti Nagar Society, Rajkot (Gujrat) as respondent No.2 in the instant application may please be considered for confirmation; (ii) In case of acceptance of such bid and confirmation of sale in favour of respondent No.2, the Official Liquidator may kindly be permitted to hand over the possession of assets/ property of the Company (in liqn.) situated at Plot No.191, Village Bamanbore, Tehsil Chotila, District Surendernagar, Gujrat to the respondent No.2-highest bidder after receipt of entire sale consideration; (iii) the Official Liquidator may also be allowed to refund the earnest money of others bidder which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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