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TMI Blog2004 (1) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... 65 lakhs had, subsequent to certain negotiations etc., increased this offer to Rs. 375 lakhs. The sale itself was being conducted pursuant to the permission granted by this Court on 11-3-2002 permitting the Official Liquidator to sell the properties of the Company namely M/s. Swede (India) Teltronics Limited, which had been ordered to be wound up by this Court by an order passed on 27-1-2000. 2. The paper publication reads as under : " Office of the Official Liquidator. Attached to High Court of Karnataka, Bangalore. Notice of Public Auction. The movable and immovable assets belongs to M/s. Swede (India) Teltronics Ltd. (In liquidation) which include Lot. I, Land Factory building: Land: 4.5 acres of land situated in Plot No. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 a.m. to 4.00 p.m. on 6-4-20002. Sd/- B.N. Harish, Official Liquidator, [IV Floor, D F Wing, Kendriya Sadan, Koramangala, Bangalore - 560 034." 3. The applicant, who has only made Earnest Money Deposit ( EMD for short) of a sum of Rs. 6,86,600 has not made any payment at all though has offered a price of Rs. 375 lakhs in respect of the property and as per the terms and conditions of sale, the highest bidder was required to deposit 25 per cent of the amount within seven days and the balance within the next sixty days. Though the terms and condition of the sale which are as under : "Terms and conditions for sale of assets of M/s. Swede (India) Teltronics Ltd. (In liqn.) situated at Plot Bearing No. 131/1, 132/2, 132/3, 132/4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e price/floor price as under : Reserve/Floor Price (Rs. in lakhs) Lot I : Land and Factory Building 230.00 Lot II : Plant Machinery 32.00 Lot III : Current Assets 12.64 6.Inspection of land of Land assets would be given ... on between 11.00 a.m. to 4.00 p.m. at the factory premises at No. 131/1, 132/2, 132/3, 132/4 located at Hoody Village, Whitefield Road, Mahadevpura (PO), Bangalore. 7.The Official Liquidator/Court reserves the right to accept or reject any offer without assigning any reason thereof. 8.The Official Liquidator/Court reserves the right to alter/modify such terms and conditions of tender/orders without assigning any reason thereof. 9.That the sale is subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication is filed on 30-10-2002 seeking for two prays - one is ( a ) to Direct the Official Liquidator to approach the appropriate authorities and get it clarified or modified the status of the Land mentioned in the Schedule as Industrial Land and furnish the same to Applicant to make payment and other is ( b ) to consequently extend the time granted under the Order on OLR No. 113/02 dated 27-9-2002 in Co. P. 68/97 to make payment till the status of the lands are clarified as Industrial land by the Competent Authorities in the interest of justice. 5. The submission of Sri Krishnamurthy, learned Counsel for the applicant is that the applicant had, subsequent to the paper publication, occasion to peruse the documents available with the Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial land and by the competent authority. 7. I have heard Sri Deepak, learned Counsel for the Official Liquidator and also perused the reports in this context submitted by the Official Liquidator. 8. The prayer sought for by the applicant cannot be granted for more than one reason. 9. In the first instance, what was being sold was the assets of a company under liquidation. It so happens that the Official Liquidator is put in charge of the winding up proceedings under the Companies Act and it is the duty of Official Liquidator to realise the assets of the company to ensure that it is made available to the creditors and the members of the Company and in an equitable manner. When the Company cannot carry on its activities in the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r authority or as to whether such land is sought to be developed or acquired for any other purpose, are all not matters either within the knowledge of the Official Liquidator or under his control. This is precisely the reason as to why a purchaser is put on notice that it is for him to offer the price on ascertaining all matters and they can get the property on as is where is condition and nothing more. May be the buyer will be in a position to make use of the property as an industrial land or may not be. These are all not matters which concerns either the Court or can the Court direct the Official Liquidator to ensure that the character of land is retained in a particular manner and further direct the Official Liquidator to move the othe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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