2003 (9) TMI 555

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....Saini and Ms. Sangeeta Sharma for the Applicant. J.K. Singhi, Vinodi Lal Mathur for the Respondent. B.C. Meena and Amod Kasliwal for the Official Liquidator. BY THE COURT 1. In this application under section 446 of the Companies Act, 1956, the petitioner has prayed for grant of permission to him for sell the securities of the Company (in liquidation) on which the respondent financial institu....

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....is permission, as prayed for. The court was of the opinion that its reserve price is fixed eight crore rupees and the assets of the company (in liquidation) be put to the public auction as to get the maximum price thereof. In the petition the prospective buyer searched by the petitioner has been impleaded as the respondent No. 6. 3. The respondent No. 6 has given offer for purchase of the asset....

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....etails of which are as under : S. No. Name and address of Tenderer Offer received for Lot Numbers Amoun offered for Lot Entire Unit E.M.D Deposited. 1. M/s. Umardaraj & Sons Delhi III 1,21,000 10,000 2. M/s. Machinery House, Faridabad III 1,10,000 10,000 3. M/s. Reena Steels Ghaziabad III 51,000 10,000 4. M/s. A.D.R. Steel Corpn. Gh....

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....ny (in liquidation) is to be given and the documents are to be executed on payment of Rs. one crore as per conditional offer of this company. 7. During the course of arguments it is given out by the counsel for the financial institutions that the matter for recovery of their dues against the company (in liquidation) has been finally decided by the Debt Recovery Tribunal in their favour. What it....