2007 (4) TMI 373

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....ssful bidder was required to put in the balance earnest deposit by 19-2-2007. The operative portion of the order provided, inter alia, as follows : "The successful bidder has sought time till Monday to put in the balance earnest deposit of Rs. 27.50 lakhs (Rs. 36.50 lakhs less Rs. 9 lakhs). The successful bidder is given time till Monday to put in the balance earnest deposit. In the event the balance earnest money is not put in by 19-2-2007, the earnest deposit already made is liable to be forfeited. The balance price will be paid within 30 days from date. In default of the balance price being put in within the stipulated date, the earnest money then deposited may be forfeited. Upon full consideration being paid by Chaudhary and So....

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....ores on behalf of the applicant in C.A. No. 308 of 2007. 6. The original successful bidder was permitted to match the bid of the appellant in C.A. No. 308 of 2007, or stand to lose all or substantial part of its earnest deposit. The original bidder matched the first offer made in court today by the applicant in C.A. No. 308 of 2007, but is unable to match the subsequent offer of Rs. 1.55 crores made by the applicant in C.A. No. 308 of 2007. 7. It is always the court's endeavour to ensure that the assets of the company (in liquidation) fetch the highest price. The court sale concluded on 16-2-2007, was after a number of adjournments had been granted to enable a better price to be received for the assets of the company (in liquidation).....

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.... of Rs. 31,50,000 which should be made by the Official Liquidator to Chaudhary and Sons Forging (P.) Ltd., by tendering a cheque covering such amount upon premature encashment of the deposit, if necessary, by April 23, 2007. It is necessary that bidders who walk into court and show some money should be penalised for ultimately not keeping the bargain. More often than not such bargains are not kept for commercial reasons rather than any difficulty faced in the matter of arranging funds. There is but a single, perfunctory explanation preferred in C.A. No. 307 of 2007, to justify why the payment could not be made within the time stipulated. 10. Both the applications are disposed of without any order as to costs. The Official Liquidator will....