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MAUNA M. BHATT
Ol Of Aryoday Spg. And Wvg. Mills Co. Ltd. – Appellant
Versus
Manger, State Bank Of India – Respondent
JUDGMENT :
Heard Mr.Dhawan M Jayswal for applicant no.1 - Official Liquidator, learned advocate Mr.D.S. Vasavada for respondent No.2, learned advocate Mr.Pathik M Acharya for respondent No.3 and learned advocate Mr.Prabhakar Upadhya for respondent No.4. None appeared for respondent No.1 though Notice was served by direct service.
Heard learned Senior Counsel Mr.Devang Nanavati with learned advocate Mr.Saurabh M Patel for the applicant of Company Application No.44 of 2024.
1. The Official Liquidator filed Official Liquidator’s Report No.42 of 2024 seeking following orders and directions from this Hon’ble Court:--
(B) This Hon’ble Court may be pleased to permit the Official Liquidator to make payment of bill of Rs.2,36,387/-, to M/s.Global Network Advertising., Advertising Agency, as per advertis
The Court has discretion under Section 457(1)(c) of the Companies Act to accept higher bids from non-participants in an auction, prioritizing the interests of creditors.
The highest offer received in the public auction should be accepted as a fair value unless there are allegations of fraud, collusion, etc.
A highest bidder in public auction cannot have a right to get the property or any privilege, unless the authority confirms the auction sale, being fully satisfied that the property has fetched the ap....
An auction conducted by a liquidator is valid unless substantive financial prejudice is demonstrated; post-auction higher bids do not justify reopening concluded proceedings.
Purpose of auction (open or close format) is to get the most remunerative price and giving opportunity to intending bidders to participate and fetch higher realizable value of property – If that path....
Liquidator's cancellation of auction for non-payment within 90 days and EMD forfeiture upheld per regulations; excess deposit beyond EMD refunded with interest to prevent unjust enrichment upon re-au....
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