- (1.) The matter comes up on an application under Rule 9 of the Companies (Court) Rules 1959 (hereinafter Rs. 1959 Rules) (albeit Rule 177 has been mentioned in the caption of the application).
(2.) The relevant facts for disposal of this application are that the Official Liquidator (OL) attached with this court issued a tender notice on 28-9-2014 for sale of plots No.194, 195 and 196 admeasuring 484.55, 484.55 and 597.27 sq. yards respectively situated at Gandhi Nagar Scheme No.8 Alwar belonging to M/s. Rathi Alloys and Steel Limited (in liquidation).
(3.) It is stated that this applicant is a 50% partner in a firm M/s.S.P. Colonizers. And for the reason of the PAN card of M/s. S.P. Colonizers being defective the applicant Pukhraj Jain (who is 50% partner of M/s. S.P. Colonizers) was advised to participate in the bid individually, and deposited on 15-10-2014 the earnest money Rs.1,13,37,500/- in his own name using his own PAN card. He participated in the bidding process on 16-10-2014 and with a bid of Rs.501 lacs emerged as the highest bidder. The company court in company petition No.36/2014 on 31-10-2014 accepted the said bid. On 14-11-2014 the applicant was informed of the acceptance of his bid and required him to deposit 25% of the Rs.501 lacs to be deposited within thirty days, allowing for adjusting the amount of earnest money Rs.1,13,37,500/-. The remaining 75% amount Rs.375.75 lacs was to be deposited within sixty days of the bid i.e. by 14-1-2015 so as to confirm the bid as directed by this court under its order dated 31-10-2014.;