Skip to main content

Auction-confirm-highest-bid-accept-re-auction

After accepting the highest offer in an auction by an official liquidator, the company court cannot refuse to confirm the sale because subsequently another person offered a higher amount. The price of the property might have risen in the meantime, but that is no reason to accept a higher bid, the Supreme Court stated in its judgment, Vedica Procon Ltd vs Balleshwar Greens Ltd. The company judge of the Gujarat High Court ordered winding up of Omex Investors Ltd in 1990 and appointed the liquidator. The land was auctioned in open court in which 11 persons participated in the 12 rounds. Vedica offered the highest at Rs 148 crore. It deposited the earnest money and later sought extension of time to deposit the rest. The time was allowed. Meanwhile Balleshwar Greens, the second highest bidder moved the high court offering Rs 160 crore and seeking the recall of the earlier decision. The high court allowed it, leading to the appeal of Vedica in the Supreme Court. Allowing the appeal, the judgment said the court has always maintained that a concluded proceeding cannot be reopened whenever a higher offer is received in respect of the sale of the property of a company in liquidation.

Labels:

Comments

Post a Comment

Popular posts from this blog

MACT - Permanent disability - calculate - compensation - Supreme Court - Part 2

1) C. K. Subramonia Iyer vs. T. Kunhikuttan Nair - AIR 1970 SC 376 2) R. D. Hattangadi vs. Pest Control (India) Ltd. - 1995 (1) SCC 551 3) Baker vs. Willoughby - 1970 AC 467 4) Arvind Kumar Mishra v. New India Assurance Co.Ltd. - 2010(10) SCALE 298 5) Yadava Kumar v. D.M., National Insurance Co. Ltd. - 2010 (8) SCALE 567) 5. The heads under which compensation is awarded in personal injury cases are the following : Pecuniary damages (Special Damages) (i) Expenses relating to treatment, hospitalization, medicines, transportation, nourishing food, and miscellaneous expenditure. (ii) Loss of earnings (and other gains) which the injured would have made had he not been injured, comprising : (a) Loss of earning during the period of treatment; (b) Loss of future earnings on account of permanent disability. (iii) Future medical expenses. Non-pecuniary damages (General Damages) (iv) Damages for pain, suffering and trauma as a consequence of the injuries. (v) Loss of ...
24 comments
Read more

An order of attachment before judgment ends if a suit is dismissed

An order of attachment before judgment passed under Order XXXVIII Rule 5 of the Code will not survive the dismissal of a suit and it ends when the suit is dismissed after trial. Contents 1 (i) Whether an order of attachment before judgment under Order XXXVIII Rule 5 of the Code of Civil Procedure, 1908 (“the Code”, for short) made in a suit for recovery of money will survive the dismissal of the suit on merits? 2 (ii) If the appellate court reverses the decree of the trial court and allows the suit claim, will it result in an automatic revival of the order of attachment before judgment? 3 (iii) Whether the ratio in the decision by Full Bench in Thampi Muhammad Abdul Kadir v. Padmanabha Pillai Parameswaran Pillai (1952 KLT 264) holds good in view of the change in the precedential law and insertion of Order XXXVIII Rule 11A to the Code? 3.1 “11A. Provisions applicable to attachment.- 3.2 “57. Determination of attachment.- 3.3 Arumuhom Ammal v. Nayanar Panicker (1962 KLT 264) 3.4...
Post a Comment
Read more

Full & Final payment - No dues certificate - end of contract

Whether after the contract comes to an end by completion of the contract work and acceptance of the final bill in full and final satisfaction and after issuance a `No Due Certificate' by the contractor Supreme Court of India Supreme Court of India R.L. Kalathia & Co. vs State Of Gujarat on 14 January, 2011 Author: P Sathasivam Bench: P. Sathasivam, B.S. Chauhan IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 3245 OF 2003 R.L. Kalathia & Co Appellant(s) Versus State of Gujarat .... Respondent(s) JUDGMENT P. Sathasivam, J. 1) This appeal is directed against the judgment and final order dated 07.10.2002 passed by the Division Bench of the High Court of Gujarat whereby the High Court set aside the judgment and decree dated 14.12.1982 passed by the Civil Judge, (S.D.), Jamnagar directing the State Government to pay a sum of Rs.2,27,758/- with costs and interest and dismissed the Civil Suit as well as cross objections filed by the a...
13 comments
Read more