Sanjib Banerjee, J. - (1.) THESE two applications are taken up and disposed of by this common order.
(2.) BY an order of 16 -2 -2007, sale of the assets of the company (in liquidation) was confirmed in favour of Chaudhary and Sons Forging (P.) Ltd., the applicant in C.A. No. 307 of 2007, at a price of Rs. 1.46 crores. The successful bidder was required to put in the balance earnest deposit by 19 -2 -2007. The operative portion of the order provided, inter alia, as follows: The successful bidder has sought time till Monday to put in the balance earnest deposit of Rs. 27.50 lakhs (Rs. 36.50 lakhs less Rs. 9 lakhs). The successful bidder is given time till Monday to put in the balance earnest deposit. In the event the balance earnest money is not put in by 19 -2 -2007, the earnest deposit already made is liable to be forfeited. The balance price will be paid within 30 days from date. In default of the balance price being put in within the stipulated date, the earnest money then deposited may be forfeited. Upon full consideration being paid by Chaudhary and Sons Forging (P.) Ltd., the assets of the company in liquidation should be made over to the successful purchaser. It is clarified that the successful purchaser will have no right over the assets of the company in liquidation prior to making payment of the entire consideration. The matter will appear marked to be mentioned on 20 -2 -2007. This is necessary as in the event the balance earnest money is not deposited by the successful purchaser the other bidders will get a chance to take the assets at the highest price offered. The successful bidder put in the earnest money of Rs. 36.50 lakhs by 19 -2 -2007, failed to put in the balance consideration within the 30 days that it was given time. Accordingly, by a letter dated 22 -3 -2007, the Official Liquidator informed the successful bidder that its earnest deposit stood forfeited. It is against such decision of forfeiture that the successful bidder has come to court. The applicant in C.A. No. 307 of 2007, has offered to pay the entire balance sum in court today. Such applicant has also offered to pay reasonable interest on the unpaid sum for the duration of the delay.
(3.) BEFORE the successful bidder applied for setting aside the Official Liquidator's decision to forfeit the earnest deposit, the applicant in C.A. No. 308 of 2007, who had participated in the sale, sought an order of sale of the assets in its favour. In court today an offer of Rs. 1.5 crores was made to start with and subsequently bettered to Rs. 1.55 crores on behalf of the applicant in C.A. No. 308 of 2007.;