PUNJAB WIRELESS SYSTEMS EMPLOYEES UNION Vs. WINSOME YARNS LTD
LAWS(SC)-2006-8-86
SUPREME COURT OF INDIA (FROM: PUNJAB & HARYANA)
Decided on August 08,2006

PUNJAB WIRELESS SYSTEMS EMPLOYEES UNION Appellant
VERSUS
WINSOME YARNS LTD. Respondents


Cited Judgements :-

SHRADHHA AROMATICS PRIVATE LIMITED VS. O L OF GLOBAL ARYA INDUSTRIES LIMITED [LAWS(SC)-2011-5-59] [REFERRED TO]


JUDGEMENT

- (1.)Leave granted.
These appeals arise from the order dated 6.10.2005 of the Punjab & Haryana High Court in Company Appeal No. 11/2005.

(2.)Punjab Wireless Systems Employees Union (the appellant in the first batch and 11th Respondent in the second batch, and for short "Employees' Union") claims to be a Union representing the employees of the Punjab Wireless Systems Ltd. which is in liquidation (second respondent in both batches of appeals, for short the 'company' or 'PUNWIRE'). M/s. Winsome Yarns Ltd. (first respondent in both batches, for short 'WINSOME') is the purchaser of Items 17, 19 and 20 from out of the assets of PUNWIRE under sale notice dated 15.6.2004 issued by the official liquidator. Respondents 3 to 10 are the banks/financial institutions which are the creditors of PUNWIRE. M/s. Sungroup Enterprises Pvt. Ltd. (Respondent No. 11 in the first batch and Appellant in the second batch, for short 'SUNGROUP') is a company interested in purchasing Item Nos.17, 19 and 20.
(3.)M/s Punjab Wireless systems Ltd was ordered to be wound up on 1.2.2001. On 4.1.2003, the learned Company Judge permitted the official liquidator to sell the assets of PUNWIRE. A Sale Committee was constituted (consisting of the Official Liquidator and two of the major creditors, namely, Canara Bank and IFCI), to work out the modalities of sale. The Sale Committee divided the assets of PUNWIRE to be sold into 25 separate lots, for convenient sale. The official liquidator issued a sale notification dated 15.6.2004 inviting sealed tenders. The sale notice was widely published on 25.6.2004 in leading newspapers that is Economic Times, Times of India, The Tribune (all India editions), Punjab Kesari (Ambala, Delhi & Jallandhar editions Hindi) and Jagbani (Jallandhar edition Punjabi). Items 17, 19 and 20 with which we are concerned in these appeals, and their reserve price as per the sale notice dated 15.6.2004 were as under :
i) Item 17 : Industrial Plot bearing No.B-77, Phase VII, Industrial Area, Mohali (near Chandigarh), Punjab, measuring 14, 550 sq.yds. with the structures thereon (reserve price Rs.3 crores)

ii) Item 19 : Furniture in item no. 17 (reserve price Rs.4 lakhs)

iii) Item 20 : Air-conditioners and generator sets in item no. 17 (reserve price Rs.15 lakhs).

The sale notice reserved the power to reject any offer or to allow inter se bidding in the official liquidator and the Sale Committee. It also made it clear that sale will be subject to confirmation by the learned Company Judge.



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