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Confirmation of sale of the property of the Company in liquidation, acceptance of the bid of M/s Itfak Traders, exploration of higher bids, duty of the Company Court to obtain the maximum price for the assets of the Company. Analysis: The High Court of Punjab and Haryana dealt with the confirmation of the sale of a company in liquidation and the acceptance of the bid by M/s Itfak Traders. The Official Liquidator sought confirmation of the sale of the company's property, while M/s Itfak Traders, the highest bidder, also filed for confirmation of the sale in its favor. The company, M/s SFL Industries Limited, was ordered to be wound up in 2005, and the Official Liquidator was appointed. Permission was granted to sell the company's assets in 2009 through public notice. Seven tenders were received, with M/s Itfaq Traders offering the highest bid of Rs. 3.21 crore for two lots, which was recommended for acceptance. In another case, a different bidder offered Rs. 3.45 crore, but it was not considered significantly higher than M/s Itfak Traders' bid. The Official Liquidator and secured creditors aimed to explore the potential for higher bids. The Court directed the Official Liquidator to publish another advertisement to invite higher bids, with initial expenses to be borne by IFCI recoverable from secured creditors. The Court emphasized the need to obtain the maximum price for the company's assets, considering the interests of secured creditors and workmen. During the proceedings, M/s Itfak Traders requested immediate confirmation of the sale, citing consent from secured creditors and the absence of irregularities. However, the Court noted the possibility of obtaining a higher bid, as evidenced by a previous offer. The Court highlighted its duty to ensure the company's assets fetch the maximum price and scheduled further proceedings to allow for exploration of potential higher bids. The judgment emphasized the importance of maximizing the sale price to safeguard the interests of all stakeholders involved. The Court decided to list the case for further proceedings to facilitate the exploration of potential higher bids and ensure the maximum price is obtained for the company's assets. The judgment underscored the Company Court's responsibility to protect the interests of secured creditors and workmen by striving to secure the best possible price for the assets.
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