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TMI Blog2016 (6) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... te the proceedings of sale of immovable properties of the company situated at GIDC, Panoli and the upset price and Earnest Money as well as the schedule is fixed As far as prayer 17(e) is concerned, the OL is directed to file a fresh report stating further details and the balance amount in the account of the company under liquidation. X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation report submitted that this Court may fix appropriate upset price and earnest money accordingly. 4. Mr. Bhatt, learned counsel for GIDC submitted that appropriate directions be issued to Official Liquidator to state the different types of dues of GIDC as certified by the Chartered Accountant, preliquidation revenue charges and postliquidation revenue charges served at prospective buyer can be informed towards the liability towards GIDC. 5. Upon perusal of the record of this report, it appears that the company named M/s. Sterling Basic Organics Ltd. came to be wound up by this Court vide order dated 11.05.1999 passed in Company Petition No.129 of 1999. It further appears that by order dated 24.04.2001, the Official Liquidator atta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvation and comments and thereafter again, the Official Liquidator was further directed to file appropriate report. The record indicates that in compliance to the order dated 17.10.2014 passed by this Court, the Official Liquidator filed OLR No.11 of 2015 for placing the valuation report as well as additional report of Govt. Approved Valuer and the outcome of the proceedings of the sale committee. This Court, by an order dated 17.03.2015, was pleased to fix the upset price and the schedule for sale of the assets. The record indicates that as per the order passed by this Court dated 17.03.2015, advertisement was given in two newspapers, viz., The Times of India and Gujarat Samachar, in all editions of Gujarat on 24.03.2015. The Official Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidator's Account, be returned to them which will curtail the time, or else it will be simply a formality that Official Liquidator will deposit the Demand Draft, then the refund will be processed. 10. The Court is unable to accept this submission made by the bidders on the ground that bidding and the EMD is to be viewed from the angle of genuineness of bidders and the chance taker or the fence sitter are to be discouraged. In case if the proposal of returning the Demand Draft is accepted, then there is likelihood of permitting such chance taker to stake their claim. Therefore, this request is required to be rejected and is accordingly rejected. The Official Liquidator Report is disposed of." Based on the said order, the presen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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