The finality of auction proceedings and the principle that receiving higher bids post the conclusion of the auction does not justify reopening of concluded proceedings.

JUDGMENT

Prathiba M. Singh, J. (Oral)

1. This hearing has been done through hybrid mode.

CO.APPLs. 481/2023, 401/2023, 407/2023

2. By way of the present order the Court will be disposing the above three applications which have been filed in respect of auction and sale of land admeasuring 11,477 sq. mtrs. bearing khasra number 357 & 358, village Mauja Tehra, Vrindavan (hereinafter `subject property') which is owned by Shaurya Housing Limited, the company under liquidation. The Court had vide order dated 3rd February, 2023 permitted the Official Liquidator (OL) to conduct e-auction of the subject property.

3. The said land was put to auction by the OL vide advertisement dated 5th May, 2023 with a reserve price of Rs.7,96,79,187/-. A bid to the tune of Rs.8,04,75,979/- was placed by one Robin Agarwal and he was declared the highest bidder. Mr. Robin Aggarwal deposited Rs. 79,67,918/- on 17th May 2023 as Earnest Money Deposit and further Rs.1,24,00,000/- was deposited on 24th May, 2023 in favour of the OL by way of a demand draft.

4. Thereafter, CO APPL. No.401/2023 came to be filed on 30th May, 2023 before the Court by one Ahuja and Anand Buildwell Pvt. Ltd. (hereinafter `Ahuja and Anand') seeking consideration of its bid of Rs.10.05 crores for purchasing the subject property. It was the case of Ahuja and Anand that it could not come to know about the sale of the subject property. The application further emphasises that its bid is 25% higher than the accepted bid.

5. Another application being CO APPL. No.398/2023 was filed on 30th May, 2023 by one Delux Constructions Pvt. Ltd. The said Applicant is stated to have a portion of land which is situated behind the subject property. By way of the application, free right of way was sought from the common approach road on the subject property. CA No. 407/2023 was also filed on 30th May, 2023 by the OL seeking approval of Mr. Robin Agrawal's bid.

6. CA. No. 481/2023 has been filed on 7th July, 2023 by one of the ex- directors of the company under liquidation seeking cancellation of the auction and directions for fresh valuation of the subject property.

7. On 2nd June, 2023, the Court passed the following order:

"1. In the e-auction of Company's land admeasuring 11,477 sq. meter situated at Khata No. 12 and Khasra No. 358 and Khata No. 227 and Khasra No. 357, Village Tehra, Vrindavan [hereinafter, "subject property"] held on 19th May, 2023, bid of Rs. 8,04,75,979/- of one Mr. Robin Agarwal has been declared the highest. Ahuja and Anand Buildwell Pvt. Ltd. (Applicant in CO. APPL. 40112023) contends that the said bid does not reflect the true value of the subject property and has offered Rs. 10.05 crores for purchase of the property. To show their bona fides, Mr. Abhishek Singh, counsel for Ahuja and Anand Buildwell Pvt. Ltd., has handed over cheque No. 580466 for 25% of the offered amount to Ms. Ruchi Sindhwani, Senior Standing Counsel for Official Liquidator ['OL' ], which has been accepted without prejudice to her rights and contentions. The OL is permitted to put this amount in a Fixed Deposit Receipt.

2. Mr. Singh, on instructions, states that his client is agreeable to protecting the right of way of Applicant in CO. APPL. 39812023 in the common approach road at subject property, as claimed by them.

3. Counsel for Mr. Robin Agarwal (successful auction bidder), without prejudice to his rights and contentions, states that he will take instructions regarding his client's willingness to accept the condition mentioned above. He will further confirm whether his client is inclined to offer a higher amount than what is proposed by Ahuja and Anand Buildwell Pvt. Ltd."

8. The Court, on the said date recorded the submission on behalf of Ahuja and Anand that they have offered to purchase the subject property for Rs.10.05 crores as also the submission of the ld. Counsel for the highest bidder in the auction, as to whether he wished to seek instructions if his client is inclined to offer to high