Abhay Manohar Sapre JUDGMENT
Jasti Chelameswar, J.
1. Leave granted.
2. M/s. Omex Investors Ltd. was ordered to be wound up by the Company Judge of the Gujarat High Court by an order dated 6.3.1990. The Official Liquidator attached to the Gujarat High Court was appointed as the Liquidator of the said company.
3. By order dated 26.3.2013, the official liquidator was directed to put the freehold land of the company admeasuring 13895 sq. mtr. to auction for sale by inviting offers from the intending purchasers in sealed covers. By the said order, the High Court also fixed an upset price at Rs. 55 crores and earnest money deposit (EMD) at 10% thereof.
4. Tender Notice (containing the terms and conditions of sale) inviting offers from the prospective purchasers in sealed covers was widely published. 11 prospective purchasers responded to the notice. On 17.12.2013, an auction was held in the open court. After inter-se bidding of 12 rounds, the Appellant in Civil Appeal arising out of SLP (Civil) No. 2198 of 2015 ["Vedica Procon Private Limited", hereinafter referred to as "the Appellant") became the highest bidder with an offer of Rs. 148 crores1-whereas the first Respondent (Balleshwar Greens Private Limited) in the abovementioned SLP made the second highest bid. The High Court accepted the bid of the Appellant.
5. By the same order the High Court recorded that the earnest money deposit by the Appellant and the first Respondent be retained by the official liquidator and the earnest money deposits made by the other unsuccessful bidders be returned.
6. On 19.12.2013, the official liquidator addressed a letter to the Appellant referring to the order dated 17.12.2013 of the High Court and informed the Appellant as under:
With reference to the subject cited above, I have to state that pursuant to order dated 17.12.2013 passed by the Hon'ble High Court of Gujarat in Official Liquidator Report No. 43 of 2013, the sale of Freehold land of the company in Liquidator (sic liquidation) admeasuring 13895 sq. mtrs. approx. at T.P. No. 18, F.P. No. 32/P, bearing Survey No. 25, 27-B/1, 31, 38, Moje Rajpur-Hirpur, Outside Raipur Gate, behind New Cloth Market, Opp. Hirabhai Market, Diwan Ballubhai Road, Raipur, Ahmedabad is confirmed in your favour for Rs. 148 Crores. A copy of said order is enclosed herewith for your ready reference and perusal. In this connection, you are requested to deposit sale proceed 25% i.e. Rs. 37.00 Crores on or before 16.02.2014 and balance remaining 75% i.e. Rs. 106.50 Crores on or before 16.04.2014, after adjusting Rs. 4.50 Crores behind EMD in final payment of sale proceed. You are, therefore, requested to kindly deposit the sale proceed with this office, within stipulated time given by the Hon'ble High Court of Gujarat in terms of order dated 17.12.2013 and Tender document.
(Emphasis supplied)
7. Pursuant to the said letter, the Appellant deposited on 06.01.2014 an amount of Rs. 37 crores being 25% of the