JUDGMENT

Vibhu Bakhru, J.

Introduction

1. The petitioner had, pursuant to a public notice dated 27.03.2014, submitted its bid for purchase of a residential property described as "Duplex located at 10/B and 11/B, IL Palazzo CHS Ltd., 10th and 11th Floor, Little Gibbs Road, Malabar Hill, Mumbai having a built-up area of 5100 sq. feet" (hereafter `the property'). The petitioner's bid for an aggregate amount of Rs.27.30 crores was accepted by the Asset Sale Committee (hereafter `the ASC') constituted in terms of the guidelines issued by the Board of Industrial and Financial Reconstruction (hereafter `the BIFR') for sale of the non-productive assets of the respondent no.2 company (M/s Saurashtra Cement Ltd - hereafter `SCL').

2. The petitioner also made a part payment of a sum of Rs.10.37 crores albeit belatedly and in tranches. However, SCL (through ASC) terminated the contract for sale of the property in favour of the petitioner and forfeited the part payment made by the petitioner. The ASC then proceeded to sell the property to respondent no.4 (M/s Malabar Coastal Holdings LLP - hereafter `MCHL') at a price marginally higher than the bid by the petitioner.

3. The petitioner claims t