9911796707
TMI Blog2000 (3) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... communicate and inform the Official Liquidator by fax message and notice was also issued to all the secured creditors and it was observed that the applicant liable for damages and expenses, if any. 2. The matter was placed for hearing on 29-3-2000. However, due to paucity of time the matter could not be heard on 29-3-2000 and 30-3-2000 and on 31-3-2000 the Official Liquidator submitted that in this case though this Court (M.S. Parikh, J.) has stated that the noting with regard to attachment which has been made in earlier tender shall be made in the advertisement. It was stated that through oversight the same was not stated in the advertisement but when the tender was issued the following conditions were attached : "The intending purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord, i.e. , the order of the learned single Judge, advertisement and subsequent addenda which has been given along with paper book and that subsequent order of this Court which is complied with. Though the procedural irregularity is there, however, that has been rectified subsequently and in substance same has been complied with and the applicant has not suffered any injury, hardship or loss. 5. Mr. KA. Puj, the learned advocate for the applicant further submitted that as per the order of the learned Single Judge, dated 7-7-1999, the Sale Committee may fix upset price at Rs. 4,81,00,000 for the purpose of issuance of advertisement as aforesaid. Mr. Puj submitted that as stated the said Sale Committee has fixed the upset price at Rs. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant has not been able to show that the hardship or loss has been ensured by keeping the upset price at Rs. 7,28,00,000. He must aver and prove that because of fixation of higher price there is loss or detriment to his interest. Mr. Puj has only submitted that because of artificial higher upset price no buyer will come forward and ultimately the property may not be sold to the public at large. On this submission the Official Liquidator has stated that earlier when the upset price was fixed at Rs. 8 crores at that time also no offers were received for the property in attachment. The Official Liquidator pointed out that mere fixation of upset price is not the reason for not getting the intending purchaser but the real reason is that there is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intending purchaser who purchases the property may be liable to pay the said amount and to that extent the value of the property may be reduced. 11. In that view of the matter, if the following directions are issued, it would meet with the ends of justice : ( A )Proceedings of the Sale Committee held on 27-3-2000 are hereby quashed. ( B )The Sale Committee shall now again invite offers after publishing fresh advertisement in the newspapers. ( C )The Sale Committee is at liberty to consider the contention raised by Mr. Puj as to whether the property which is already attached should be mentioned either in the advertisement as per the order, dated 7-7-1999 of this Court or the same may be mentioned in the tender forms. ( D )As rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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