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Showing contexts for: second highest bidder in Balleshwar Greens Pvt Ltd vs Official Liquidator Of M/S Omex ... on 11 August, 2014Matching Fragments
6. Today, the auction proceedings are undertaken in the open Court and after interse bid of 12 rounds, M/s.Vedica Procon Pvt. Ltd. has offered highest amount of Rs.148 crores as the sale consideration. It may further be noted that the applicant of Company Application No.295 of 2013, M/s.Balleshwar Greens Pvt. Ltd. is the second highest bidder and has offered Rs.146 crores for the land in question. It may be noted that rest of the bidders withdrew their bids at various stages of 12 rounds.
9. In view of the above discussion, the bid of M/s.Vedica Procon Pvt. Ltd., being the highest bidder, who has offered Rs.148 Crores for the land mentioned in the tender notice deserves to be accepted and is hereby accepted as per the tender conditions on as is where is basis and whatever there is basis.
10. Mr.Vimal Purohit, learned counsel for the applicant appearing in Company Application No.304 of 2013, has expressed that the Court may permit one nominee. However, considering the conditions of the tender notice, no orders are passed today. It would be open for the applicant to approach this Court by way of filing a proper application. It may further be noted that as per condition No.29 of the tender notice, EMD price of second highest bidder viz. M/s.Balleshwar Greens Pvt. Ltd. applicant of Company Application No.295 of 2013 shall be retained by the Official Liquidator. The Official Liquidator shall take appropriate actions as envisaged under the conditions of the tender notice, more particularly conditions No.29, 32 and 33. As per the conditions of the tender notice, the Official Liquidator shall return EMD if any paid by the applicants of the unsuccessful bidders, except the applicant of Company Application No.295 of 2013, as stated above, within the time prescribed in the tender notice. The envelopes containing offers given by M/s.JPS Entrade International Pvt.Ltd. and M/s.Siddhi Developers are returned back to the Official Liquidator in a sealed cover.
11. In view of the aforesaid, the present report stands disposed of. It is, however, clarified that the prayers prayed for in the prayer (B) is not granted as the Official Liquidator has already filed separate report being Official Liquidator's Report No.76 of 2013. Ordered accordingly."
EVENTS AFTER THE ORDER DATED 17.12.2013:
9. The Official Liquidator thereafter informed the highest bidder Vedica Procon Pvt. Ltd. - opponent No.9 herein to deposit 25% of the sale consideration as per conditions of tender on or before 16.1.2014 and the balance remaining amount being 75% i.e. Rs.106.50 crores on or before 16.4.2014 after adjusting Rs.4.5 crores being EMD amount in final payment of the sale proceeds by a communication dated 19.12.2013. The record indicates that the successful bidder i.e. opponent No.9 Vedica Procon Pvt. Ltd. deposited an amount of Rs.37 crores on 16.1.2014. It is also a matter of record that as per condition No.29, the present applicant who happens to be the second highest bidder has been refunded the EMD amount of Rs.4.5 crores by the Official Liquidator on 13.1.2014, on the request made by the applicant itself on 9.1.2014. The record further indicates that the successful bidder opponent No.9 Vedica Procon Pvt. Ltd. has also been permitted by the Official Liquidator to deploy its security guards on condition that it can post its security the lands in question to protect their interest.
28.3 As far as point No.(iii) is concerned, it is contended that the applicant participated in the interse bidding, wherein opponent No.9 was declared to be the highest bidder and the applicant herein was the second highest bidder. It was contended that as per condition No.29 of the terms and conditions issued by the Official Liquidator, the EMD amount of the second highest bidder i.e. the applicant was to be retained by the Official Liquidator till the time opponent No.9 deposits 25% of the sale consideration and such EMD amount was to be returned to the applicant only thereafter. It is the case of opponent No.9 that it deposited 25% of the sale consideration on or about 6.1.2014. That, on 9.1.2014, the applicant addressed a letter to the Official Liquidator requesting the Official Liquidator that as this Court has accepted the bid of opponent No.9 and that opponent No.9, as a successful bidder, has deposited 25% of the sale consideration, the EMD amount of the applicant along with late fee charges be refunded at the earliest and accordingly, the Official Liquidator refunded the EMD amount to the applicant on 31.1.2014. It was contended that this fact and the conduct of the applicant clearly suggests that the applicant has no objection regarding auction of property or inadequacy of the price at the relevant point of time and these vital facts have been suppressed by the applicant in the application. It was further contended that the applicant was not aggrieved by the order dated 17.12.2013 and no appeal even till date has been preferred by the applicant and thus, having waived its right, the applicant cannot be permitted to agitate the issue under the garb of the present application. It was contended that thus, the applicant has lost its right to seek recall/review of the order dated 17.12.2013 by waiver, estoppel and acquiescence.