9911796707
TMI Blog2011 (8) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... ough Rule 6 of the Companies (Court) Rules then the Official Liquidator should have given 15 days' notice. Company Judge was correct in refusing to confirm the sale having regard to the interest of the relevant parties. Appeal dismissed. - COMPANY APPEAL NO. 24 OF 2011 (Arising from order of Company Judge in Report No. 37 in C.P. No. 53 of 2000.) - - - Dated:- 2-8-2011 - K.M. JOSEPH AND M.L. JOSEPH FRANCIS, JJ. M.K. Damodaran for the Petitioner. K. Moni for the Respondent. JUDGMENT K.M. Joseph, J. - This company appeal is lodged against the order of the Company Court Judge in Report No. 37 in C.P. No. 53/2000. By the impugned order the learned Company Judge refused to confirm the sale conducted by the Official Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o allow the prayers of the Official Liquidator in the report. Accordingly, I refuse to confirm the sale. The Official Liquidator is directed to readvertise the properties for sale giving at least one month's time." 3. Learned senior counsel for the appellant would contend that this is a re-sale. He would point out that, actually there is only one qualified bidder and in the circumstances of the case 8 days' notice given by the Official Liquidator is sufficient. He also placed reliance on the decision of the Apex Court in Sorath Builders v. Shreejikrupa Buildcon Ltd. [2009] 11 SCC 9. He further questioned the title of the ex-managing director to impugn the same. In this regard he also pointed out that he is actually not a shareholder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... auction or by inviting sealed tenders or in such manners as the Judge may direct. 6. Practice and Procedure of the Court and provisions of the Code to apply. Save as provided by the Act or by these rules the practice and procedure of the Court and the provisions of the Code so far as applicable, shall apply to all proceedings under the Act and these rules. The Registrar may decline to accept any document which is presented otherwise than in accordance with these rules or the practice and procedure of the Court." He would, however say that in the circumstances of this case, because it was a re-sale notice is sufficient. As far as the creditor is concerned, the learned counsel submits that they are only interested in getting the money. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Court) Rules then the Official Liquidator should have given 15 days' notice. We are reinforced in this view of ours particularly having regard to the fact that the extent of the property is fairly large. It is said to be about 8 acres, and, what is more it is said to be in the heart of Kollam town. It is also pointed out that the land is a dry land. Therefore, we would think that the notice given is certainly too short in view of the circumstances of this case in particular. As noted by the learned Company Judge a prospective purchaser must take steps to be ready with requisite funds which also is not a small amount. He would have to inspect the property, the documents relating to the property etc. before he decides to participate in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, sufficient time was provided to submit tender papers. The University also permitted pre-qualification documents to be submitted "online". Therefore, the contention that the time was too short for submission of the pre-qualification documents by 27-11-2008 is without any merit." 8. We would think that it is inapposite to import the said principle into the jurisdiction under the Companies Act and in the facts of this case in particular. We would think that the learned Company Judge was correct in refusing to confirm the sale having regard to the interest of the relevant parties as aforesaid. Accordingly, we dismiss the appeal. It is open to the Official Liquidator to explore the possibility of selling the property in plots having a le ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
