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TMI Blog2013 (2) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by this Court it is to be considered by the public at large and the same concluded at the instance of this Court. Then it is the duty of this Court to give respect to its order by giving sanctity more than, over and above the highest bid. The cases cannot be concluded if for One or the other reasons as stated in these applications, the orders are recalled there in no end and this Court cannot put an end to the legal proceedings. This Court feels, by considering all these applications it may reduce to real estate business. Money is not the criteria sanctity of the order is the criteria. In the application filed by the State Finance Corporation, the reasons assigned are examined. Since, from the day one i.e., in pursuance to first va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re were four applications filed of which, three applications have been filed by the bidders with a prayer to recall the order dated 01.10.2012 and to permit the applicants in these applications to quote more price than the price for which it was finalized. Company Application Nos. 1258/2012 and 1259/2012 have been filed by Sri. S.N. Bhat, Advocate. In application No. 1258/2012 prayer is to recall the order dated 1-10-2012 and Company Application No. 1259/2012, is also for recalling the order and to permit him to offer Rs. 10,00,000/- more than the price for which it was sold in the last occasion. The Company Application No. 1258/2012 is filed by the K.S.F.C, a prayer has been made to recall the order and the reasons stated is that, the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lic auctions and further Valuator was directed to submit Valuation Report in the sealed cover and first valuation report was made. Since, the said report was a year old, further direction was issued to make a fresh report. Accordingly, the valuation report was submitted On the date when the case was called, four persons who responded to the public notice were present before the Court. 6. It is pertinent to state that, on accepting the bid amount bid sheet was prepared in the office of the Official Liquidator. Parties are invited and quoted their price and bid sheet was produced along with OLR.No.341/2012 of which, among the four bidders, M/s Udapudi Cements Pvt. Ltd., Lokapur Taluk, Mudhol District, Bagalkot, for whom sale was confirmed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel appearing for both the parties. 10. The question involved in these applications is: "Whether these applicants are entitled to be allowed for fresh auction or to give sanctity to the proceedings initiated by this Court?" 11. As stated earlier, after the company petition is allowed, Official Liquidator was directed to take process and initiate auctions as per law. On filing necessary OLR, the Official Liquidator was permitted to take public Notification inviting the public to participate in the public auction. On two occasions, notifications were issued and on considering the same there were four persons participated and again they were directed to quote highest bid and bid sheet was made and available before this Court to co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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