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Judgment
WP(C) 396/2011 and CM 777/2011 (Stay)
The matter was taken up today when learned senior counsel on instructions stated that the Petitioner has changed its mind and is willing to enhance its bid from Rs. 215 crores to Rs. 220 crores. Learned Counsel for Respondent No. 15 states that the said Respondent is not in a position to match the enhanced bid of the Petitioner.
In view of the aforesaid it is agreed as under:
(a) The bid of the Petitioner is accepted for a sum of Rs. 220 crores.
(b) The amount of Rs. 20.30 crores (approximately) deposited towards earnest money by the Petitioner, in the form of bank draft will be encashed by IFCI Ltd.
(c) The Petitioner undertakes to make deposit of the balance amount after adjustment of earnest money with IFCI Ltd. within 15 days from today.
(d) In case the Petitioner fails to pay the balance money within 15 days from today, IFCI Ltd. would be entitled to encash the earnest money of Rs. 20.30 crores (approximately) and thereafter proceed to call for a fresh bid.
(e) The amount deposited by Respondent No. 15 in the sum of Rs. 210 crores would be refunded to Respondent No. 15 within two days from today, failing which amount will carry simple interest at the rate of 12% per annum for the period of delay. The said re-payment will in no way be dependent on whether or not the Petitioner consummates the sale transaction.
(f) The parties shall remain bound by the aforesaid agreed order.
Needless to say on the payment of the balance amount, necessary formalities for issuance of the sale certificate in favour of the Petitioner and handing over possession shall take place as per the terms and conditions of the tender.
The writ petition and the application stand disposed of in terms thereof.
Dasti to the learned Counsel for the parties under the signatures of the court master.