Hemant Gupta, J. - The applicant M/s KRBL P. Ltd. has filed the present application under Rules 6 and 9 of the Companies (Court) Rules, 1959 (hereinafter referred to as the Rules) for submitting a higher bid of Rs. 11 lakhs (later on increased to Rs. l Crore) over and above the bid of Rs. 14.80 crores accepted in favour of M/s Balaji Disposals.

2. Some facts relevant for the determination of the said application of the applicant are as under :

M/s Oswal Agro Furane Ltd. was ordered to be wound up vide order dated 4.12.2001 passed in CP No. 173 of 2000. The official liquidator attached to this court was appointed as its liquidation. In CP No. 269 of 2002, this Court permitted the official liquidator to dispose of the assets of the company and Justice A.L. Bahri, former Judge of this Court was requested to conduct and supervise the sale. However, on May 15, 2002 vide orders passed in CP No. 124 of 2003, the Official Liquidator was permitted to invite tenders for the sale of movable and immovable property of the company in liquidation as per valuation report and to conduct the sale under the supervision of Honble Mr. Justice A.L. Bahri.

3. An advertisement for the sale of movable and immovable property was published in various newspapers. The date of opening of the sealed tenders was 24.7.2003. On the said date, the sale committee presided over by Honble Mr. Justice A.L. Bahri opened the tenders. The maximum offer was that of M/s Guru Nanak Sugar Industries Ltd. New Delhi for the sum of Rs. 7.50 crores. However, the said price was found inadequate and inter se bidding between the parties was conducted under the supervision of Honble Mr. Justice A.L. Bahri. After 45 rounds of bids M/s Balaji Disposal Ltd. was found to be highest bidder with Rs. 9.71 crores. The said bid was accepted by Justice Bahri.

4. On 21.8.2003, the official liquidator moved an application before this court for confirmation of sale in favour of M/s Balaji Disposal. During the pendency of such proceedings, M/s Guru Nanak Sugar Industries Ltd. objected to the conduct of sale by remitting a telegram as well as communication dated 24.7.2003. However, on 4.9.2003, M/s KRBL Ltd. applicant herein appeared before the court and offered to pay a sum of Rs. 10.25 crores for the assets which have been auctioned for Rs. 9.71 crores. The said applicant deposited draft for Rs. 2,56,25,000/-. The court was also informed that workers Union has also filed certain objections to the sale.

5. On the adjourned date i.e. 12.9.2003 M/s Surya Finvest Ltd, New Delhi offered to pay Rs. 10.30 crores as the assets which were auctioned for Rs. 9.71 crores and to show the bona fide a sum of Rs. 2.57 crores was deposited in court. The applicant herein as well as M/s Balaji Disposals Ltd sought adjournment to seek instructions as to whether they want to increase the price further. The counsel representing the Workers Union also sought time to bring a better buyer. The official liquidator was directed to allow the parties to inspect the factory premises to verify the factual position of the assets lying there. The official liquidator was also directed to verify as to whether the various items of movable property physically lying in the premises confirmed with the report prepared by the valuer or not.

6. On 22.9.2003 M/s Global Landcon Pvt. Ltd. New Delhi also deposited a sum of Rs. 50 lacs and sought permission to participate in the bid. On the said date, the various parties such as the applicant M/s KRBL Ltd., M/s Balaji Disposal, M/s Surya Finvest Ltd and M/s Global Landcon Pvt. Ltd. participated in the bids. Relevant part of the order dated 22.9.2002 read as under:

"All the above mentioned parties through their counsel have participated in the bids and ultimately, M/s K.R.B.L. Limited, New Delhi through their counsel has made a bid of Rs. 13.80 crores against the sale price of Rs. 9.71 1 crores in favour of auction purchaser. Accordingly, this bid is accepted in favour of M/s K.R.