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COMA/234/2009 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 234 of 2009
In
OFFICIAL
LIQUDATOR REPORT No. 143 of 2008
In
COMPANY
PETITION No. 67 of 1993
=========================================================
GANNON
DUNKERLY AND CO LTD - Applicant(s)
Versus
OFFICIAL
LIQUIDATOR OF M/S TESTEELS LTD (IN LIQUIDATION) & 5 -
Respondent(s)
=========================================================
Appearance :
MR
ASHOK L SHAH for Applicant(s) : 1,
OFFICIAL
LIQUIDATOR for Respondent(s) : 1,
None for Respondent(s) : 2 -
6.
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE JAYANT PATEL
Date
: 23/06/2009
ORAL
ORDER
The
present application is for directing the OL to refund the amount of
EMD of applicant whose offer is not accepted by the Sale Committee.
Upon
hearing Mr.Shah for the applicant and Ms.Yagnik for OL, it appears
that whenever the offer is not accepted, the offerer would be
entitled for return of the EMD in normal circumstances and based on
such principal, the applicant would also be entitled to get back the
refund of EMD.
However,
it has been submitted on behalf of the OL by Ms.Yagnik that Sale
Committee resolved for retention of the deposit of the applicant
being the second highest bidder vide its proceeding of the meeting
dated 25.05.2008 and therefore, the OL has retained the deposit. It
was also submitted that based on the proceeding of the Sale
Committee, OL has moved the report being OLR No.143/08 before this
Court and the matter is awaiting decision.
Be
as it may. Even the approach on the part of the Sale Committee to
retain the deposit of the second highest offerer, cannot be
countenanced considering the facts and circumstances of the case.
So far as the confirmation of the sale is concerned, the matter at
large would be considered by this Court in the proceedings of OLR
No.143/08.
Mr.Shah,
learned counsel appearing for the applicant had declared before this
Court that the applicant has no more interest in participation of
the sale of the property by submitting his offer or otherwise by
continuation of his offer.
Under
these circumstances, the OL shall refund the EMD of the applicant
whose offer is not accepted preferably within two weeks from the
date of the order of this Court.
Disposed
of accordingly.
(JAYANT PATEL, J.)
*bjoy
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