Rajiv Kumar Jindal vs BCI Staff Colony Residential Welfare Association

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2023 Supreme(SC) 422

AJAY RASTOGI, BELA M. TRIVEDI
Rajiv Kumar Jindal – Appellant
Versus
BCI Staff Colony Residential Welfare Association – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Sibo Sankar Mishra, AOR Mr. Umakant Misra, Adv. Mrs. Prabhati Nayak, Adv. Mr. Niranjan Sahu, Adv. Mr. Debabrata Dash, Adv. Ms. Apoorva Sharma, Adv. Mr. Ravi Prakash Mehrotra, Sr. Adv. Mr. Apoorv Srivastava, Adv. Mr. Jogy Scaria, AOR
For the Respondent(s): Mr. Gagan Gupta, AOR M/S. J S Wad And Co, AOR Mr. Rajesh Kumar Chaurasia, AOR Mr. Rajive R Raj, Adv. Mr. Sujeet Kumar, Adv. Ms. Soni, Adv. Mr. Onkar Prasad, Adv. Mr. Anurag Jain, Adv. Mrs. Manjulika Pal, Adv. Mr. Ranjeet Kumar, Adv. Mr. S.S. Ray, Adv. Ms. Rakhi Ray, AOR Mr. Vaibhav Gupta, Adv. Mr. Sibo Sankar Mishra, AOR Mr. Umakant Misra, Adv. Mrs. Prabhati Nayak, Adv. Mr. Niranjan Sahu, Adv. Mr. Debabrata Dash, Adv. Ms. Apoorva Sharma, Adv. Mr. Jogy Scaria, AOR Mr. P V Surendranath, Sr. Adv. Mr. Biju P Raman, AOR Mr. Sawan Kumar Shukla, Adv. Mrs. Lekha Sudhakar, Adv.

JUDGMENT :

Rastogi, J.

1. The instant appeals are directed against the judgment and order dated 5th February, 2010 passed by the Division Bench of the High Court of Punjab and Haryana at Chandigarh, setting aside the auction held pursuant to auction notice dated 24th May, 2004 by Industrial Development Bank of India (hereinafter referred to as “IDBI” – Operating Agency).

2. The facts in brief culled out from the record are that M/s Bharat Commerce & Industries Limited (hereinafter referred to as “BCI”) was declared a sick company and for disposal of assets of BCI pursuant to directions of Board for Industrial and Financial Reconstruction (BIFR) under Section 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter being referred to as the “Act 1985”) through IDBI - the Operating Agency, initiated the process of inviting offers in sealed cover for sale of assets of the captioned unit.

3. Pursuant to public notice dated 24th May, 2004, offers were invited for various blocks, calling upon the interested parties to deposit earnest money of Rs.6 lakhs for Block IV and submit their tenders in sealed cover within a period of 30 days from the date of advertisement and

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2023 Supreme(SC) 422

AJAY RASTOGI, BELA M. TRIVEDIRajiv Kumar Jindal – AppellantVersusBCI Staff Colony Residential Welfare Association – Respondent

Cases Referred (5)

AJAY RASTOGI, BELA M. TRIVEDI
Rajiv Kumar Jindal – Appellant
Versus
BCI Staff Colony Residential Welfare Association – Respondent