Confirmation of sale in liquidation by judicial approval of e auction highest bid, subject to payment and valuation review

Confirmation of judicial approval for an e auction highest bid in a corporate liquidation, with the sale confirmed in favour of the successful bidder after review of auction particulars and valuation. The court considered the fixed reserve price and the valuation report, and authorised transfer of possession to the purchaser subject to payment in accordance with sale terms. The valuation report was ordered returned in a sealed cover. The petition requesting confirmation of sale was allowed to the extent of granting the sale and possession contingent on compliance with payment and procedural conditions.

---

---

Issues: (i) Whether the sale of the immovable property (Plot No. 4, Survey No. 410/02, Village Indrad, Taluka Kadi, District Mehsana, Gujarat) to the highest bidder (Rs. 78,00,000/- by Jasmine Fazal Memon) as reflected in the Official Liquidator's Report should be confirmed and whether the Official Liquidator should be permitted to hand over possession to the purchaser within 30 days of payment.

Analysis: The Official Liquidator's Report records that an e-auction was conducted with multiple bidders and rounds, the highest bid being Rs. 78,00,000/-, and notes that this Court had earlier fixed a reserve price of Rs. 15,00,000/-. The Court has reviewed the valuation report and the e-auction summary supporting the bids and possession request.

Conclusion: The sale is confirmed in favour of the highest bidder, Jasmine Fazal Memon, and the Official Liquidator is permitted to hand over possession of the specified immovable property to Jasmine Fazal Memon within 30 days from the date of payment as prescribed; the valuation report is to be placed in a sealed cover.

---