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TMI Blog2005 (3) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... nt shortly. Needless to say, before the bids are finalized and the Court accepts any bid, the appellants herein would have the opportunity of hearing and, if the Court feels convinced that the property has not fetched the best or the expected reasonable price then the Court is not powerless to reject all the bids and order auction afresh, subject to such directions as it may choose to make as to the manner of holding and conducting the sale and the person who would do it under the directions of the Court. - CIVIL APPEAL NO. 8358 OF 2004 - - - Dated:- 31-3-2005 - R.C. LAHOTI, G.P. MATHUR AND P.K. BALASUBRAMANYAN, JJ. Dr. Rajiv Dhawan, Manoj Shukla, Shailendra Narayan Singh, Mrs. Neelam Kalsi and Vimal Chandra S. Dave for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the proceedings before the Special Court and, therefore, it would not be just and fair to permit the sale proceedings being conducted by the Custodian. It was urged that the proceedings should be held by the High Court Receiver only and he could be directed to conduct the sale proceedings expeditiously. The prayer made on behalf of the appellants has been opposed on behalf of the Custodian-respondent No. 1. It was submitted that ordinarily the Custodian holds and conducts the sale of immovable properties as directed by the Special Court and an interference with the impugned order, which is very reasonable and does not cause any prejudice to anyone, is uncalled for. 4. The learned senior counsel for the appellants invited the attenti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holding auction of the immovable assets of notified persons. It was pointed out that the Custodian at first gets the valuation of the immovable assets to be sold. The valuation is done by the valuer appointed either by the Special Court or on the directions of the Special Court. The Valuation Reports are submitted by the valuer to the Special Court in a sealed cover. After this, the Custodian releases advertisement in prominent newspapers in the city/town where the immovable property is located. The last date and time for receiving the bids is fixed. The Committee to open the bids is formed by the Custodian. The Committee meets on the appointed time and date where bidders are also expected to be present. All the bids are opened before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty in the present case was issued by the Custodian on the 10th day of March, 2005 and last date appointed for receiving the bids is 31st March 2005. A copy of the public notice was produced for the perusal of the Court. We do not deem it proper, in the facts and circumstances of the present case, to interfere midway and alter the course of the sale proceedings which are already nearing the accomplishment shortly. 8. Needless to say, before the bids are finalized and the Court accepts any bid, the appellants herein would have the opportunity of hearing and, if the Court feels convinced that the property has not fetched the best or the expected reasonable price then the Court is not powerless to reject all the bids and order auction afre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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