TaxTMI 
TaxTMI 
2002 (3) TMI 831
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....or for purchasing the aforesaid property of the company in liquidation which was advertised for sale. The offer of the applicant was for amount of Rs. 45,000. Thereafter, the matter was taken up by the Court for sale of the said property and in Court, applicant increased the bid from Rs. 45,000 to Rs. 6,50,000. The offer of the respondent No. 1 was recorded at Rs. 6 lakhs. But by an order dated 19-3-1999 the sale was adjourned with a direction upon the official liquidator to allow further inspection of the assets and properties of the company in liquidation to the intending bidders so that the intending bidders may increase their offer upon such inspection. This order was passed after hearing the submission made by the learned Advocate appearing for the party and the applicant was also represented by his learned Advocate. Thereafter again on 26-3-1999 open bid was held in the Court in which the applicant participated along with the respondent No. 1. In that bid, the respondent No. 1 was the highest bidder at Rs. 13.5 lakhs and the bid of the applicant was for Rs. 12.5 lakhs. The sale was confirmed in favour of the respondent No. 1. After the sale was so confirmed the respondent No.....
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.... in the Aajkal in respect thereof that if any body is interested in respect of the said land in question should produce their little before the official liquidator within a month from date failing which the official liquidator is directed to take all necessary steps in the matter to execute conveyance in favour of the petitioner being the purchaser in this matter." 5. Thereafter, necessary advertisement was published on 5-6-2000. The application being C.A. No. 456 of 2000 was filed by the applicant praying for cancellation of the sale also and for an order directing rebidding for the sale of the assets and properties of the company in liquidation. On the said petition the learned company Judge passed an order directing the applicant to deposit an amount of Rs. 15 lakhs to show its bona fides, inasmuch as the full amount has already been deposited by the respondent No. 1 in whose favour the sale has been confirmed and the learned company Judge passed an order restraining the execution of conveyance without the leave of the Court and the respondent No. 1 was restrained from creating any third party right in respect of the property in any manner whatsoever. Those orders were of cou....
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....the secured creditor nor a contributor of the company in liquidation. The learned counsel submitted that it is no- body's case that any secured creditor applied for setting aside the sale. It has also been submitted that the price for which the assets and properties of the company in liquidation have been sold to the respondent No. 1 exceeds the price mentioned in the valuation report. Furthermore, the learned counsel submits that in the sale notice it has been made very clear that the sale notice is on an, 'as is where is basis' and the terms and conditions of sale are that the sale will be as per inventory made by the valuer on 'as is where is and whatever there is basis and subject to the confirmation by the court.' 10. This court finds that the terms and conditions of the sale contain a note of caution to the effect that the managing director of the said company in liquidation had certified that the land to the tune of 2.3076 acres had been sold out. But it is not mentioned in any other document except the certificate by the managing director. The balance sheet of the company does not indicate any part of the said area of 4.68 acres had been sold out by the company in liquid....
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....ent of risk involved in such purchase. 14. In this connection, this Court finds that in respect of the sale there are two valuation reports. The first valuation report dated 4-8-1997 was prepared by one Mr. Subimal Mukherjee. In the said report the property was valued at Rs. 9,50,000 and the second valuation report filed by the said valuer dated 29-7-1998 shows the valuation of the property at Rs. 7,25,500. The price at which the respondent No. 1 purchased the property is Rs. 13.5 lakhs which is far in excess of the reserve price. It is nobody's case that the said properties have been sold below its proper price. There is no challenge to the valuation report either. 15. The learned counsel further submitted that the possession of the entire property was made over by this Hon'ble Court to the respondent No. 1 on 19-7-1999. After obtaining the possession the respondent No. 1 spent large sums of money for the purpose of getting the said property secured after evicting encroachers and unauthorized occupants. The respondent No. 1 has invested substantial money in the development of the said property. 16. The learned counsel for the applicant on the other hand stated that the sa....