9911796707
TMI Blog2003 (7) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... not be rehabilitate nor can be run as a commercial solvent company. It was, therefore, opined that this is a fit case for winding up and accordingly, the matter was referred to this Company Court by the B.I.F.R. as per requirements of section 20(2) of SICA for passing the final winding up order because power to wind up any company rests with the company court under the Companies Act. Accordingly, as observed supra, this Court on 22-1-2002 passed the winding up order and appointed official liquidator to take charge and possession of the assets of the company to enable this Court to ensure its proper disposal. 2. On 21-3-2003, this Court had permitted the official liquidator to sell Raw material and cloth in stock lying for more than a de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enderer in presence of all for increasing their offer. In this process, one tenderer - M/s. Varun Texport pvt. Ltd. Mumbai raised their bid for Rs. 4,21,50,000. Since, no other tenderer quoted more than the amount quoted by M/s. Varun Texport Pvt. Ltd., the tender process was closed. The matter is now placed before this Court for seeking approval of the bid. 5. It may be mentioned that one tenderer M/s. Dhiraj Cotton Waste Company has now applied to this Court by submitting an application (I.A. No. 2114 of 2003) stating therein that they are prepared to offer more bid amount than the one offered by M/s. Varun Texport Pvt. Ltd. According to them, they are now prepared to pay Rs. 10,00,000 more. They also pray that they may be given inspe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso consented for acceptance of the highest bid. In my opinion, there does not appear any impediment in accepting the highest offer of M/s. Varun Texport Pvt. Ltd., Mumbai for Rs. 4,21,50,000. It is also a case where every tenderer including M/s. Dhiraj Cotton Waste Company got full and adequate opportunity to increase their bid which actually they did in negotiations process. It is now too late for them to come forward in court and increase their offer. No body prevented them from increasing their offer at the time when negotiations were actually going on before the Sale Committee in presence of all the tenderers. In fact, it is only for this purpose, the Sale Committee consisting of experts in the field was constituted by this Court so th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected that the payment of Rs. 4,21,50,000 must be obtained by Official Liquidator by A/c payee Draft or Bankers Cheque for Rs. 4,21,50,000 and then the delivery of the goods be effected after proper verification and as per inventory. The payment received be deposited in bank account forthwith, the Official Liquidator should return the earnest money of all other tenderers forthwith. The compliance report be submitted by next date of hearing. Let the case be listed for 1-8-2003. Dated 1-8-2003. ORDER 1. Report of O.L. dated 29-3-2003. 2. Perused. 3. This is a case received by this Court pursuant to the recommendations made by the B.I.F. by way of reference made to this Court under section 20(2) of SICA. 4. A prayer is m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the papers having circulation in Mumbai and for properties in Gujarat, the same may be published in regional language in addition to English language having circulation in the area where the property of Company is situated. 7. It has come on record that there are several secured creditors of the Company in liquidation such as IDBI, IIBI, State Bank of India and State Bank of Indore. These are all financial institutions who have advanced substantial amount to the Company and have also to recover their legal dues from whatever legal sources available including sale of properties. These Creditors have also given their no objection for sale of these properties which were either under hypothecation and pledged with these creditors on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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