Court confirms sale to highest bidder at Rs. 85,37,000 for Lot No.3, orders balance payment in 30 days

The court accepted the highest bid of Rs. 85,37,000 by M/s Satguru Cement Pvt. Ltd. for assets in Lot No.3, confirming the sale and directing the purchaser to deposit the balance sale consideration within 30 days. The court also ordered the refund of the Earnest Money Deposit to the second-highest bidder, M/s Abu Industries Ltd., and disposed of related Interlocutory Applications.

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Issues involved:
1. Acceptance of the highest bid for the sale of assets in Lot No.3
2. Objection raised regarding incomplete particulars in the auction notice
3. Confirmation of the sale of assets to the highest bidder
4. Direction for the auction purchaser to deposit the balance sale consideration
5. Refund of Earnest Money Deposit (EMD) to the second-highest bidder
6. Disposal of related Interlocutory Applications (I.As.)

Issue 1: Acceptance of the highest bid for the sale of assets in Lot No.3
The Order was passed in response to OLR No.67/2017 seeking acceptance of the highest bid of Rs. 85,37,000/- by M/s Satguru Cement Pvt. Ltd. for the assets in Lot No.3. The auction process was conducted following court directions, resulting in two offers, with Satguru Cement Pvt. Ltd. making the highest bid. The court, after permitting parties to file objections, found no objections to the sale and deemed the prayer in OLR No.67/2017 worthy of acceptance.

Issue 2: Objection raised regarding incomplete particulars in the auction notice
During the proceedings, a submission was made by the counsel for the Workers Union regarding incomplete particulars in the auction notice for Lot No.3. However, after the disclosure of property details in the auction notice and the submission that the grievance of the workers no longer existed, the court found no hindrance to the sale. The court noted that despite various pieces of land with different Khasra numbers being involved, sufficient particulars were provided in the auction notice.

Issue 3: Confirmation of the sale of assets to the highest bidder
Considering that no objections were raised against the sale of assets in Lot No.3 to M/s Satguru Cement Pvt. Ltd., and after reviewing the circumstances presented in the OLR, the court decided to confirm the sale. OLR No.67/2017 and 72/2017 were disposed of by confirming the sale in favor of the highest bidder, with a direction for the auction purchaser to deposit the balance sale consideration within 30 days.

Issue 4: Direction for the auction purchaser to deposit the balance sale consideration
The court directed the auction purchaser, M/s Satguru Cement Pvt. Ltd., to deposit the balance sale consideration of Rs. 73,37,000/- after adjusting the Advance Maintenance Deposit (AMD) of Rs. 12 Lacs within 30 days. Upon depositing the amount, the Official Liquidator (O.L.) was instructed to hand over the assets of Lot No.3 to the purchaser.

Issue 5: Refund of Earnest Money Deposit (EMD) to the second-highest bidder
Additionally, the O.L. was authorized to refund the EMD of the second-highest bidder, M/s Abu Industries Ltd., Indore, upon receiving the full consideration amount from the highest bidder, M/s Satguru Cement Pvt. Ltd. This step was taken in line with the confirmation of the sale to the highest bidder.

Issue 6: Disposal of related Interlocutory Applications (I.As.)
The court addressed the I.As. 2616/2016 and 7060/2015, which had already been disposed of, directing the office not to list them for consideration. Furthermore, permission was granted for the withdrawal of I.A. No.2608/2016, which was subsequently dismissed as withdrawn. The matter was scheduled to be listed for further proceedings on 22.1.2018.

This detailed analysis of the judgment provides a comprehensive understanding of the issues involved and the court's decisions regarding each aspect of the case.

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