2007 (10) TMI 401

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....GROVER, JJ.   Vijay Sharma for the Appellant. Anil Aggarwal for the Official Liquidator. Anand Chhibber for Respondent No. 3. JUDGMENT Vijender Jain, CJ. - The present appeal under section 483 of the Companies Act, 1956, read with rule 9 of the Companies (Court) Rules, 1959, has been directed against the order dated 16-2-2006, passed in Company Application No. 178 of 2005. 2. M....

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....r bid for the property of the company in liquidation at Noida. Newly added respondent No. 3, i.e., M/s. Nice Society also offered higher price for the said property. 4. Having regard to the aforesaid, the Official Liquidator moved Company Application No. 178 of 2005 in which the property in question was directed to be re-advertised by the impugned order with a reserve price of Rs. 2.10 crores. ....

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....d. 6. The process of re-advertisement is stated to have been carried through and in all seven tenders were received in response thereto. The bid of respondent No. 3 was the highest one at Rs. 3.50 crores. 7. The only contention that has been raised by learned counsel for the appellant is that the sale in favour of the appellant had been confirmed and, therefore, the learned Company Judge was....

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....n ordered with a reserve price of Rs. 2.10 crores. 9. We have heard learned counsel for the parties at some length and have also perused the record. 10. There is no doubt that the Official Liquidator is required to adopt a procedure so that the sale of assets of a company in liquidation fetches the maximum price so as not to defeat the process of liquidation which is to satisfy the creditors....