- (1.) CA No. 910 of 2008 has been filed by the Customs Department seeking the setting aside of the auction sale of the capital goods and raw materials belonging to Yuil Measures India Limited ('YMIL') (the company in liquidation) pursuant to the order dated 7th December 2006 passed by this Court. The Applicant also seeks the setting aside of the possession memo dated 7th February 2007 by which possession of the auctioned goods was given to the auction purchaser Mr. Vilas Gupta.
(2.) CA No. 1297 of 2008 has been filed by Mr. Vilas Gupta, the auction purchaser, for permission to further sell the plant and machinery of YMIL that was purchased by him in the auction sale so that he can generate capital for his company. The background facts are that on 12th October 2004 this Court ordered YMIL to be wound up after noting that by an order dated 30th October 2000 the Board for Industrial and Financial Reconstruction ('BIFR') had held YMIL to be a sick industrial company that was not likely to become viable in future. The BIFR held that it was in public interest that YMIL should be wound up under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1995. This Court appointed the Official Liquidator ('OL') as the Liquidator of YMIL.
(3.) AFTER a report of valuation of the assets of YMIL was made available and after noting that there was no objection on behalf of the Noida Special Economic Zone ('NSEZ') to the sale of its assets, bids were invited by the OL. In the order dated 16th November 2006 it was noticed that two bids had been received one of which was by Mr. Vilas Gupta. He was permitted to inspect the premises. The order dated 24th November 2006 noted that Mr. Vilas Gupta was ready and willing to offer Rs.1,35,50,000 for the assets of YMIL.;