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Judgment
MA No. 7/2022
This matter was taken up for consideration today.
This is an application by M/s Yogesh Bhardwaj & Associates who wants to participate in the auction being conducted by the liquidator in respect of Block No. 6 of LML Ltd. It is submitted by both sides that the auction took place yesterday i.e. 25.04.2022 and the liquidator has received the highest bid of 22.40 crores as stated by the applicant herein. Though it is not clear how this figure 22.40 crores came to knowledge of applicant herein, That question being irrelevant in the light of the fact that the applicant herein is willing to offer 25 crores straight up as the price for the Block No. 6 in question.
In these circumstances, we suspect that there has been a cartel in the matter, hence, we hereby order a fresh auction to be conducted on 04th May, 2022 which will commence at 04:00 PM where the applicant shall also participate subject to his depositing 25% of the offer sum of Rs. 25 Crores in favour of the liquidator within a period of 24 hours from now without waiting for a copy of this order to be uploaded. The liquidator shall conduct the auction with the reserve price fixed at Rs. 25 crores since it is stated by the liquidator that he has received offer from several other bidders who are also interested to by the Block in question. The bids shall be increased in the multiples Rs. 10,00,000/. The liquidator shall finalise the highest bid.
List this matter on 09th May, 2022 for reporting the outcome of the auction.