TaxTMI 
TaxTMI 
2011 (7) TMI 1005
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....tor gave a public notice through various newspapers inviting sealed tenders for the purchase of some land of the Company in liquidation in Ahmedabad ('the land in question') on 'as is where is and whatever there is basis'. The reserve price of that land was fixed at Rs. 9,00,54,000. The applicant-auction purchaser and seventeen other parties had submitted their offers ranging from the minimum reserve price to Rs. 21 crores. The applicant-auction purchaser's offer was for Rs. 9,90,00,000. However, with a view to get more price for the land in question open bidding was conducted before the Court on 1-2-2007 in which all the eighteen parties who had already submitted their offers, including the present applicant-auction purchaser, had participated. The applicant-auction purchaser gave the bid of Rs. 41,05,08,000 and the same was accepted by this Court being the highest and it was directed to make the payment of 25 per cent of the bid amount within 30 days and the balance 75 per cent amount was ordered to be deposited within 60 days with the Official Liquidator. 3. The applicant-auction purchaser, however, did not make the payments within the time so fixed by this Court and instead ....
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....7 for recovery of the Debts of the Company in Liquidation. As per her the Company in Liquidation was the Tenant in the land question and hand no right or title over the land to pass on. She has sent a Notice to the Official Liquidator as well. Now she has filed C.A. No. 777/2007 seeking enforcement of the Will. (B) Lease Matter (ii) Two other persons namely Ashok Kumar & Shreepal Ramesh Bhai Patel claim that a part of the land in question measuring 23,358 Sq. mtr. belongs to them. This land was given by them to the Company in Liquidation on rent and since 1991-92 they have not received the rent as well. They have also filed an Application being C.A. No. 219-20/2007 in this Hon'ble Court with the following prayer. (C) Possession (iii) As per the valuation Report submitted by Sh. Suresh Kumar Sharma, the possession of the land is with the Collector, Ahmedabad which is under attachment toward the land." It is not mentioned as well whether the land is a free hold land or lease hold land. The Valuation of the land has also not been correctly assessed. The land has been sold for a much higher price which is near to five times of the valuation. 9. That on 10-4-2008 an....
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.... Official Liquidator be directed to take over the possession and Title Deeds of the land in question from the persons/Authorities under whose power and control the same are; (d)This Hon'ble Court may be pleased to pass appropriate orders and/or directions to the Official Liquidator & the Collector, Ahmedabad to remove all encroachments and to remove all persons occupying part of land of Continental Textile Mills Ltd. (in Liqd.) situated at Naroda Road, Nr. Arvind Mills, Asarwa, Ahmedabad; (e)This Hon'ble Court may be pleased to pass an appropriate order that the applicant may be allowed to depute their security Guards to protect land and be allowed to place their Board at site till disposal of this application. The applicant may be allowed to carry out work of cleaning and levelling of land at their cost & risk; (f)Further the applicant be allowed to nominate namely M/s. Sthapatya Buildcon (P.) Ltd., 304, Parashwa Tower, Nr. Pakwan-II Dinning Hall, S.G. Road, Distt. Ahmedabad (Gujarat) which is of the applicant. (g)Pending hearing and final disposal of this application, this Hon'ble Court may be pleased to grant prayers (c)to (E) above as ad interim relief; (h)Any ot....
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....ve price of Rs. 61,00,00,000." 6. The auction-purchaser, however, changed its mind and withdrew that application on 25-9-2009 thereby leaving only CO. A. No. 601/08 to be decided by this Court. In this application, as noticed already, many reliefs were claimed but during the course of hearing, submissions were made by Dr. Abhishek Manu Singhvi, learned senior counsel for the auction-purchaser, only for accepting the belated payments of the bid money. 7. This application was opposed by the Official Liquidator as well as some persons who claimed themselves to be the contributories in the Company in liquidation, one of whom was stated to be related to Shri M.K. Verma, ex-Director of the Company in liquidation. These persons-objectors have already brought to the Court one party (M/s Safal Realty (P.) Ltd., which has offered to buy the land in question for sixty-two crores of rupees. On their behalf learned senior counsel Shri C.U. Singh had argued the matter. Though Mr. M.K. Verma, ex-Director of the Company in liquidation, who had sought setting aside of the auction already held, had also opposed this application by filing reply thereto but during the course of hearing no submis....