2019 (9) TMI 714 - HC - Companies Law

Resale of old properties - HELD THAT - The office is directed to resell this property on fresh sale notice. The notice be published in one English and one vernacular daily having wide publication in Pune. Date of sale will be 13th December 2019. It goes without saying information regarding sales should be uploaded by the office on its website. Offer documents are returned to Mrs. Sikdar. The offerers want return of respective earnest money tender instruments. The office is directed to return them. List on 13th December 2019 for disposal.

Summary

Issues involved:
1. Sale of immoveable properties belonging to a company in liquidation in Chennai, Ahmedabad, Goa, and Pune through four lots.
2. Acceptance of offers for each property and determination of the highest bidder.
3. Confirmation of sales and completion of transactions as per terms.
4. Direction for resale of a property in Pune due to higher valuation.

Issue 1: Sale of immoveable properties in four lots
The Court considered the application for selling four immoveable properties located in Chennai, Ahmedabad, Goa, and Pune, which belong to the company in liquidation. Each property was to be sold in separate lots, and the Court evaluated offers received for each property to determine the highest bidder.

Issue 2: Acceptance of offers and determination of highest bidder
For each property, multiple offers were received and evaluated. The Court considered valuation reports for each property to determine the fair market value and distress sale value. The highest offers were presented by different parties, and after deliberation, the Court confirmed the sales in favor of the highest bidders for each property. In some instances, directions were given for resale of properties based on valuation considerations.

Issue 3: Confirmation of sales and completion of transactions
Upon confirming the sales in favor of the highest bidders, the Court directed the intending purchasers to fulfill the balance consideration as per the sale terms. Consequences of default were also outlined. Additionally, provisions were made for earnest money tendered by other offerers to be returned, and the completion of sales was to be carried out as per the terms specified.

Issue 4: Direction for resale of a property in Pune
In the case of the office premises in Pune, where valuation discrepancies were noted, the Court directed for the property to be resold through a fresh sale notice. The resale was to be advertised in prominent English and vernacular dailies in Pune, with the date of sale set for a specific future date. The Court emphasized the importance of updating sale information on the office's website and directed the return of earnest money tender instruments to the respective offerers.

The judgment provided a detailed analysis of the sale process for each property, including the acceptance of offers, determination of highest bidders, confirmation of sales, directions for resale when necessary, and completion of transactions as per the specified terms. The Court's decisions were based on valuation reports, offers received, and compliance with legal procedures to ensure a fair and transparent sale process for the immoveable properties involved.