- (1.) A. A. Desai, C. J. Heard Sri V. K. S. Chaudhary, Vikram Nath and Dr. Udyog Shukla for the Bharat Associates, Sri Sharad Sharma for the I. F. C. I. and Sri S. K. Saxena, Official Liquidator, U. P. and Uttaranchal.
(2.) M/s Bharat Associates, auction purchaser has applied for modification of the order dated 27-4-2000, whereunder they were granted instalments to pay the total amount of Rs. 7,00,00,000 (Rupees Seven Crores ). Sri Chaudhary, learned Counsel for M/s Bharat Associates has pointed out that first instalment became due on 30-6-2000. They moved instant application on 14-7-2000 for seeking modification. However, it could not be decided and remained pending. Mr. Chaudhary on behalf of the auction purchaser M/s Bharat Associates offered that instead of instalments noted in the order, the auction purchaser will pay the official liquidator Rs. 3,00,00,000 (Rupees Three Crores) by way of bank draft and shall furnish bank guarantee for the remaining amount of 4,00,00,000 (Rupees Four Crores) within a period of thirty days from today. He further made a statement that the Bharat Associates shall repay the amount covered by the bank guarantee within a period of six months from the date they furnish the bank guarantee to the satisfaction of the Official Liquidator. M/s Bharat Associates further agreed that in case of failure to pay the amount as covered by the bank guarantee, the Official Liquidator will be at liberty to invoke the bank guarantee and suitable clause shall be incorporated therein to the satisfaction of the Official Liquidator. M/s Bharat Associates sought modification of the earlier order in terms of the statement as above.
(3.) I heard Mr. S. K. Saxena, Official Liquidator and Sri Sharad Sharma, learned Counsel for the I. F. C. I. They have no serious objection or they are not disputing the offer as made and also agreed that the earlier order dated 27-4-2000 may be modified in terms of the statement as indicated above. I, therefore, modify the earlier order dated 27-4-2000 and direct M/s Bharat Associates to deposit Rs. 3,00,00,000 (Rupees Three Crores) with Official Liquidator and furnish bank guarantee to the sum of Rs. 4,00,00,000 (Rupees Four Crores only) to the satisfaction of the Official Liquidator within a period of thirty days from today and shall repay the amount covered by the bank guarantee within a period of six months from the date they furnish bank guarantee. In case of failure the Official Liquidator is at liberty to invoke bank guarantee as furnished. The application is disposed of accordingly. Application disposed of. .;