- (1.) Reference may be made to the order dated 7.9.2006 which reads as under: By order dated 1st September, 2006, all the tenders were opened in Court and the Registrar (Administration) of this Court was directed to verify all the documents and prepare a chart and also submit a detail report. Pursuant to the aforesaid order, the Registrar (Administration) submitted a report. On going through the said report, it appears that bidders, namely, Ajar Enterprises Pvt. Ltd. Mumbai and Mohak Mercantile Pvt. Ltd. Mumbai have not submitted their tenders in consonance with the terms and conditions of the sale notice where it was clearly mentioned that the offer below the reserve price i.e. Forty Crores will not he entertained. These two bidders offered Rupees Thirty One Crores and Rupees Thirty Two Crores respectively. The highest bidder is M/s Jindal Steel & Power Ltd., New Delhi, who has fulfilled all the terms and conditions and the bank guarantee given by it is in proper form. The Company has submitted the bank draft in favour of the Official Liquidator for an amount equivalent to 10% of the offered amount. The offer given by other two Companies, namely, Bohara Export Pvt. Ltd. Mumbai and I.B. Enterprises, Bhavnagar are not acceptable, for the reason that the batik guarantee given by these Firms are not in proper form, rather they have submitted a letter issued by the Bank, stating that Bank can consider sanction of need based financial assistant, as and when required. Considering the entire facts of the case and the tenders and the report submitted by the Registrar (Administration), the offer given by Jindal Steel & Power Ltd., New Delhi is accepted. Mr. Rajiv Sinha, learned Counsel appearing for Jindal Steel & Power Ltd., on instruction from Mr. B. Gujral, Chief Executive Officer, who is present in Court, agreed that the entire amount of Rs. 108,90,00,000/- (One Hundred Eight Crores & Ninety Lacs) shall be deposited within three months in three installments minus the amount deposited by way of bank draft. Mr. B. Gujral, Chief Executive Officer further stated that first installment of the total price shall be deposited within this month (September, 2006). Mr. Gujral further submitted that they may be allowed to depute their Security also in addition to the Security already provided by the Official Liquidator. In this view of the matter, it is, hereby, directed that on deposit of 1st installment, the Company shall be entitled to depute additional Security in the premises. After the deposit of the entire amount, the assets shall be handed over by the Official Liquidator to the Company within seven days from the date of deposit of full amount. The bank guarantee and bank draft deposited by Jindal Steel & Power Ltd. New Delhi shall be handed over to the Official Liquidator. The bank drafts submitted by other Tenderers, shall be returned to them after obtaining proper receipt from them and/or the authorized person of the Tenderers. All other applications/objections shall be considered on the next date. Post this case on 13th October, 2006 under the same heading. Let a copy of this Order be handed over to the Official Liquidator.
(2.) One I.A. (I.A. No. 2662 of 2006) has been filed by the successful bidder - M/s. Jindal Steel & Power Limited, seeking appropriate direction upon the Official Liquidator of the Company to take proper steps to ensure vacant possession of the assets to be handed over on full payment of the amount.
(3.) It appears that pursuant to the order dated 7.9.2006, the first installment of Rs. 32,67,00,000/- has been paid to the Official Liquidator by Demand Draft No. 225509 dated 13.9.2006. The purchaser Company has also deputed his own security, personnel after payment of the first installment. However, it appears that the purchaser Company after visiting the factory with the Official Liquidator found several quarters and barracks were lying vacant and many were in occupation and persons were living therein. Lastly, it is stated that the purchaser Company is ready to pay balance amount and shall deposit the same provided that specific direction be issued to the Official Liquidator for vacating the occupied quarters.;