TaxTMI 
TaxTMI 
2002 (9) TMI 788
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....offer of the applicant given now be accepted. Rajasthan Telephone Industries Ltd. was ordered to be wound up by this court under the order dated August 12, 1999, in Company Petition No. 24 of 1999 and the official liquidator attached to the court was directed to proceed with the winding up proceedings as per the law. The official liquidator in course of winding up proceedings invited sealed tenders for sale of assets of the company. He got notice inviting tenders published in Hindustan Times (a daily newspaper) in its edition of June 1, 2002. The reserve price fixed for the sale of the land measuring 20,000 sq. metres with structure thereon was rupees one crore twenty-five lakhs. In para. No. 4 of the application, the applicant sta....
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....ment of the sale price. The reference here may have to the order dated July 26, 2002, made in S.B. Miscellaneous Company Application No. 49 of 2002, which reads : "Representative of Jyoti Steel and Traders, the tenderer, who has given the highest bid for the purchase of the unit, despite of persuasion from the court and the representatives of the secured creditors, is not in a mood to raise the bid. To the contrary he submitted that in case this bid is not acceptable, his earnest money deposited be returned to him. The secured creditors are ICICI, IDBI and IFCI. I am confident in case they would have made an honest and positive approach and efforts, there may not be any difficulty for them to have a good prospective buyer for the asse....
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.... liquidation) has been made by inviting tenders on all India basis. It is not the case of the applicant that it has not noticed this notice inviting tenders. The publication charges of notice inviting tenders are very heavy, about rupees three lakhs sixty thousand. In case this applicant would have really been interested in purchase of assets of the company (in liquidation) it would have given its offer but that has not been done. Much after the acceptance of the tender Jyoti Steel and Traders applicant submitted application dated August 29, 2002. The applicant talks very high as if it is the only person to care and keep the public interest. The way and the manner in this application is filed and the averments made therein go to sh....
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.... that the sale of the properties of the company which is ordered to be wound up is very difficult. In many cases even after publishing notices inviting tenders not a single person come forward and gave his offer. Whatever the court in the facts of this case finds reasonable the reserved price of the assets is accordingly fixed. Be that as it may this prayer made in the application cannot be accepted behind the back of the party whose bid has been accepted and sale is confirmed in his favour. In the case any order in favour of the applicant is made in this application it may adversely affect the right of the highest bidder whose bid has already been accepted. The highest bidder is a necessary party to this application but he has not imple....