Vijender Jain, J. - (1.) THE present appeal under Section 483 of the Companies Act, 1956, read with Rule 9 of the Companies (Court) Rules, 1959, has been directed against the order dated February 16, 2006, passed in Company Application No. 178 of 2005.
(2.) M /s. La Medical Devices Ltd. (hereinafter described as "the company in liquidation") went into liquidation and the official liquidator on the orders of this Court was appointed to effect the sale of its properties including the one situated at Noida. Tenders for sale of the property of the company in liquidation at Noida were invited and the same were opened on November 16, 2004. The appellant was found as the highest bidder having made a bid of Rs. 1.47 crores. The sale in its favour was allegedly confirmed on March 24, 2005 and the official liquidator was directed to hand over the possession of the property to it and execute a sale deed. However, before the possession could be delivered, Company Application No. 358 of 2005 was moved by respondent No. 2, Shri Satish Chaudhary, who set up a higher bid for the property of the company in liquidation at Noida. Newly added respondent No. 3, i.e., M/s. Nice Society also offered higher price for the said property.
(3.) HAVING regard to the aforesaid, the official liquidator moved Company Application No. 178 of 2005 in which the property in question was directed to be re -advertised by the impugned order with a reserve price of Rs. 2.10 crores. It was also directed that a stipulation in the advertisement be made that the entire sale price would have to be deposited on the date the sale is confirmed or within such time as the court may direct, not exceeding two weeks and that all the participants including the applicant in Company Application No. 358 of 2005 would be asked to deposit an earnest money of Rs. 40 lakhs alongwith their offers in sealed covers. The amount deposited by the appellant and respondent No. 2 was directed to be kept in fixed deposit and was to be returned after confirmation of the fresh sale along with interest.;