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TMI Blog2003 (9) TMI 555X X X X Extracts X X X X X X X X Extracts X X X X ..... i Lal Mathur for the Respondent. B.C. Meena and Amod Kasliwal for the Official Liquidator . BY THE COURT 1. In this application under section 446 of the Companies Act, 1956, the petitioner has prayed for grant of permission to him for sell the securities of the Company (in liquidation) on which the respondent financial institutions and the bank have the first charge and which are r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inion that its reserve price is fixed eight crore rupees and the assets of the company (in liquidation) be put to the public auction as to get the maximum price thereof. In the petition the prospective buyer searched by the petitioner has been impleaded as the respondent No. 6. 3. The respondent No. 6 has given offer for purchase of the assets of the company (in liquidation) on the condition o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Name and address of Tenderer Offer received for Lot Numbers Amoun offered for Lot Entire Unit E.M.D Deposited. 1. M/s. Umardaraj Sons Delhi III 1,21,000 10,000 2. M/s. Machinery House, Faridabad III 1,10,000 10,000 3. M/s. Reena Steels Ghaziabad III 51,000 10,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax, other expenses, shall stand fully paid after six and half years. Possession of the entire assets of the company (in liquidation) is to be given and the documents are to be executed on payment of Rs. one crore as per conditional offer of this company. 7. During the course of arguments it is given out by the counsel for the financial institutions that the matter for recovery of their dues ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in liquidation). 9. I have no doubt in mind that in case it would have been made clear there is the possibility of getting better offers. So, in these facts and circumstances, this offer given by respondent No. 6 Jai Drinks Private Limited cannot be accepted in the interest of the creditors of the company (in liquidation). 10. As regards to other offers, the same are very low and assets of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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