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TMI Blog2019 (1) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... ty to the auction purchaser after receipt of the balance sale proceeds as per terms and conditions of the sale and also to execute requisite document in favour of the successful bidder. After hearing the Official Liquidator and the counsel appearing on behalf of the secured creditors, the application deserves to be allowed because there is no allegation of any kind of malafide of process of bid from any quarter and the amount of bid is much more than the reserved price. Consequently, the application is hereby allowed and sale in favour of the highest bidder i.e. M/s Tynor Orthotics Pvt. Ltd. is hereby confirmed. Official Liquidator is also allowed to hand over the possession of the immovable property to the auction purchaser but afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1.2015 passed in CP No.94 of 2004 and Official Liquidator attached to this Court was appointed as Official Liquidator with a direction to take charge of all the properties and effects of the company in liquidation. The Official Liquidator tried to sell the assets of the Company in liquidation by giving publication in the newspaper in June 2016, November 2016 and August 2017 fixing the reserve price and EMD of the property as ₹ 27.27 Crores and ₹ 2.75 Crores respectively but no offer was received. Another effort was made for publishing the same notice in the newspapers on 12.1.2018 and in response to which three offers in sealed envelopes were received for purchasing the assets for sale. The bids were opened in the meeting of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors, the application deserves to be allowed because there is no allegation of any kind of malafide of process of bid from any quarter and the amount of bid is much more than the reserved price. Consequently, the application is hereby allowed and sale in favour of the highest bidder i.e. M/s Tynor Orthotics Pvt. Ltd. is hereby confirmed. and Official Liquidator is also allowed to hand over the possession of the immovable property to the auction purchaser but after the receipt of the balance sale proceeds from it as per the applicable terms and conditions of the sale and also to execute the requisite documents in favour of auction purchaser. Since the auction purchaser is also present in Court and has submitted through its counsel that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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