2010 (11) TMI 1138

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....Chaudhary Advocate for the prospective bidder Navneet Jain. Sri Rahul Consul, Advocate for M/s S.O.S. Pharma Pvt. Ltd. ORDER Sudhanshu Dhulia, J. Since both these company appeals have been filed Company Appeal No. 1 of 2008 has been filed by the "Pradeshiya Industrial Investment Corporation of U.P. Ltd." under Section 483 of the Companies Act, 1956 against order dated 3.10.2008 passed by the learned Company Judge of this High Court. Respondent no. 1 before this Court is the Official Liquidator and respondent no. 2 M/s Shubham Enterprises is the auction purchaser. Brief facts of the case are that on a reference being made by M/s Vishwa Ingot Pvt. Ltd. under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, ....

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.... given to him for depositing the remaining amount be extended. This was strongly objected by the secured creditors on the plea that during this period the price of the property has soared high and there are people who are ready and willing to offer a much higher price ranging upto Rs. 1,00,00,000/- for the property and respondent no. 2 should not be given any time to deposit the remaining amount. The learned Single Judge, however, in order to meet the ends of justice and considering the fact that respondent no. 2 was the highest bidder extended time for the deposit of the remaining amount with a condition that he will have to pay interest of 24% simple interest on Rs. 47,20,000/- which roughly comes to Rs. 86,48,400/- on 3.10.2008. Vide its....

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.... fetch from prospective bidders, etc. Rule 7 of the Companies (Court) Rules, 1959 reads as under:- "R. 7. Power of Court to enlarge or abridge time.--The Court may, in any case in which it shall deem fit, extend or abridge the time appointed by these rules or fixed by an order of the Court for doing any act or taking any proceeding, upon such terms (if any) as the justice of the case may require and any such enlargement may be ordered although the application for the same is not made until after the expiration of the time appointed or allowed." Rule 9 of the Companies (Court) Rules, 1959 reads as under:- Therefore, we see that whereas Rule 7 specifically gives power to the Court to extend the time, Rule 9 is an inherent power before the....