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TMI Blog2003 (2) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... tions involved, bearing in mind solely the interest of the creditors, we think the offer made by the appellant of Rs. 4.25 crores should be accepted. Therefore, allowing this appeal and setting aside the impugned judgment, we direct the Company Court to accept the offer of Rs. 4.25 crores made by the appellant and on the appellant depositing the balance amount, necessary documents may be executed in its favour. - CIVIL APPEAL NO. 1054 OF 2003 AND CC 8753 OF 2002 AND IA NO. 1 OF 2003 - - - Dated:- 6-2-2003 - N. SANTOSH HEGDE AND B.P. SINGH, JJ. Ashok H. Desai, C.K. Jain and Parijat Sinha for the Appellant. Mohan V. Katorki, P.V. Raghunandan Panicker, Rajiv Talwar, Sanjay Kr. Ghosh and Avijit Bhattacharjee for the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss than the value fixed by the official valuers. However, the sale was confirmed on 7-12-2001 but the Appellate Bench on 21-12-2001 set aside the said sale among other things, coming to the conclusion that the amount offered by the first respondent being very much on the lower side, under clause 11 of the terms and conditions of sale, it had the jurisdiction to set aside the confirmation of the sale made earlier. While doing so the Court did not take into consideration the offer made by the appellant herein which was for a sum of Rs. 4.25 crores. The contention on behalf of the appellant in this case is that the value of the property is diminishing day-by-day and by directing a fresh sale all over again, it would not benefit the creditors o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved, bearing in mind solely the interest of the creditors, we think the offer made by the appellant of Rs. 4.25 crores should be accepted. Therefore, allowing this appeal and setting aside the impugned judgment, we direct the Company Court to accept the offer of Rs. 4.25 crores made by the appellant and on the appellant depositing the balance amount, necessary documents may be executed in its favour. For the reasons stated above, this appeal is allowed. SLP . . . . . CC 8753/02 : For the reasons given by us in C.A.No. . . . . . . /2003 arising out of SLP No. 17976/02 wherein we have considered the case of the first respondent, we find no merit to entertain this SLP and condoning the delay in its filing, we dismiss SLP No. . . . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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