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TMI Blog1993 (9) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... ai, Harish N. Salve, Ms. B. Sunita Rao, and Rajendra Singhvi for the Petitioner. Soli J. Sorabjee, K.N. Bhat, Vineet Kumar V. Bhasin, and S.K. Agnihotri for the Respondent. JUDGMENT Leave granted. In winding up proceedings of India Electric Works Ltd., the learned company judge, Calcutta High Court, brought one of its assets, Plot No. 13A, Block 4, Asaf Ali Road, New Delhi, to sale. The learned company judge rejected the offers made in the tenders and in the open auction it fetched Rs. 45 lakhs. Ultimately when the matter was brought to this court, by our order dated April 4, 1993, we allowed the appeal and directed to sell the plot by open auction between the appellant and Satpal Malik, the second respondent and we fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has filed a counter-affidavit in this court in which he offered to pay a sum of Rs. 1.25 crores and demand drafts are also produced today in the court in this behalf to make up the deficiency. This court while disposing of the matter on January 4, 1993, has, inter alia, stated thus (at p. 791 supra ) : "The purpose of an open auction is to get the most remunerative price and it is the duty of the court to keep openness of the auction so that the intending bidders would be free to participate and offer higher value. If that path is cut down or closed the possibility of fraud or to secure inadequate price or underbidding would loom large. The court would, therefore, have to exercise its discretion wisely and with circumspection and kee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resh between the parties immediately after the reopening after the pooja holidays fixing the upset price at Rs. 1.50 crores. The highest bidder should deposit the balance amount on the same day before the working hours are closed. On deposit so made the court would confirm the sale. No appeal thereon shall be entertained on any ground whatsoever. The terms and conditions set out by the learned company judge, were published before publishing for sale. Conditions Nos. 9 and 11 read thus : "9. The sale would be subject to such modification/alteration of terms and conditions of sale as the hon'ble court deem fit and proper and the decision of the High Court shall be final. 11. The High Court may set aside the sale in favour of the purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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