- (1.) The company In question, namely, M/s. Bhadohi Woollen Limited (in liquidation) was ordered to be wound up by this Court by order dated 20-2-1996 on the recommendation of BIFR and the Official liquidator was appointed as liquidator of the company who took possession of the inaovable and immovable assets belonging to the said company (in liquidation) from the ex-management. The company was a State of U. P. undertaking. Under the Court's order, the properties of the company were advertised for sale more than once and ultimately by order dated 5-11-99, the highest offer of M/s. Monerca Engineers, A-8 Govindpur Colony, Allahabad of Rs. 3,03,00,000/- was accepted. The said auction purchase is the applicant of applications A-14 and A-15.
(2.) As recorded in the order dated 5-11-99, the said auction purchaser had prayed for six months' time to make the payment. This prayer was accepted by the Court and the amount was directed to be paid as per the following schedule. 1. The first instalment was payable on 5-1-2000 of Rs. 75,75,000/-. 2. The second instalment on or before 5-3-2000 of Rs. 75,75,000/-. 3. The third instalment on or before 5-4-2000 of Rs. 75,75,000/-. 4. The fourth instalment on or before 5-5-2000 of Rs. 75,75,000/-. 3. It was also directed that the possession of the property in (question) would be handed over to the purchaser on payment of the entire money. The auction-purchaser was also permitted to place its security over the property. The said purchaser had submitted a Bank Draft for a sum of Rs. 5,00,000/-, which was accepted and it was conditioned that in case of default in payment of instalments, the same would be forfeited. In the closing part of the order dated 5-11-99, it was stated that the Official Liquidator shall take steps for removal of encroachment, if any by any person, expeditiously.
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