JUDGMENT/ORDER : R.M. Chhaya, J. Heard Mr. Jeet J. Bhatt, learned counsel for the applicant Official Liquidator of M/s. Sterling Basic Organics Ltd. (in liquidation). 2. Vide order dated 18.07.2018 passed by this Court in Official Liquidator's Report No.142/2007, this Court was permitted to carry out the formalities for disposal of the immovable properties of the Company (in liquidation) and has provided as under : "4. The Sale Committee has decided the fair market value of land, building, plant and machineries, which is as under : Particulars Upset Price EMD fair market value of land, building, plant and machineries (in absolute scrap condition) 490,00,000/- 49,00,000 5. Considering the aforesaid, fair market value of the land, building, plant and machineries valued by the Sale Committee is proper and appropriate and the same is fixed accordingly. 6. The Official Liquidator shall publish an advertisement for sale of the properties of the Company (in liquidation) in "Gujarat Samachar", Gujarati daily and "The Times of India", English daily, both in Ahmedabad editions. 7. Schedule Programme for sale of the assets and properties of the Company (in liquidation) shall be as under :- Sr. No. Particulars Dates 1. Date of Advertisement 25th July, 2018 2. Date of issue of Tender Forms 30th July, 2018 3. Date of inspection of property 08th August, 2018 between 11:30 am to 4:30 pm. 4. Last date of receipt of offer/Tender forms in the office of Official Liquidator 21st August, 2018 upto 4:00 pm 5. Opening of offer and auction/inter-se bidding in the Hon'ble High Court of Gujarat, Sola Road, Ahmedabad. 29th August, 2018 at 11:00 onwards 3. Accordingly, the Official Liquidator gave an advertisement in the newspaper of Gujarati daily namely "Gujarat Samachar", in Ahmedabad, Rajkot, Vadodara, Surat and Bhavnagar editions and thus, as per the order dated 18.07.2018 passed by this Court, sale proclamation was advertised extensively throughout the State of Gujarat. As per the schedule fixed, the matter was kept today for opening the offers received and auction/inter-se bidding. The Official Liquidator has declared before this Court that total 6 (six) bids have received, which were submitted by learned counsel for the Official Liquidator before this Court in a sealed cover. 4. The bids received by the bidders for Lot No.I are as under : Sr. No. Name and Address of the Party Name of the Bank D.D./Pay Order No. Amount (Rs.) 1. 4. The bids received by the bidders for Lot No.I are as under : Sr. No. Name and Address of the Party Name of the Bank D.D./Pay Order No. Amount (Rs.) 1. M/s. Mercury Terra Firma, A4-03, Vrajbhumi Society, Near Madhav Baug Society, Jaldhara Chokdi, New Colony, GIDC, Ankleshwar Gujarat-393002 HDFC Bank, GIDC, Ankleshwar 001915 49,00,000/- 2. M/s.Omkar Organisers Pvt. Ltd, SF-12, 2nd Floor, Ravikiran Complex, GIDC, Ankleshwar-393002. Oriental Bank of Commerce, Ravikiran Complex, GIDC, Ankleshwar 096243 49,00,000/- 3. M/s. Mukund Machine Pvt. Ltd. C/o. Aalidhara Textiles Engineers Ltd, 2, Functinate Estate Road No.6, Udhyognagar, Udhana, Surat. Bank of Baroda, Udhana, Surat 234877 to 234882 49,00,000/- 4. M/s. Raj Enterprise, 16, G F. Ravi Arcade, Dudheshwar Road, Shahibaug, Ahmedabad. Indusind Bank, Shahibaug, Ahmedabad. 356867 49,00.000/- 5. M/s. Recycling Solutions Pvt. Ltd, 223, GIDC, Panoli, Bharuch-394115. IDBI Bank 003405 49,00,000/- 6. M/s. Nova Petrofils Ltd. 901, F, Sahjanand Complex, Opp. Swaminarayan Temple, Shahibaug Road, Ahmedabad. HDFC, Kotak Mahindra, RBI, IDBI etc. 11294 752331 983105 68863 752333 000031 49,00,000/- 6. This Court thought it fit to permit him on condition of payment of Rs. 25,000/- as late fees charges, which shall be paid by Agro Pack with the office of the Official Liquidator by tomorrow. 7. This Court conducted total 15 rounds of auction in the open Court and bids received from 7 bidders are as under: Round of auction M/s. Mercury Terra Firma (in Crore) M/s. Omkar Org. (in Crore) M/s. Mukund machine (in Crore) M/s. Raj enterprise (in Crore) M/s. Recycling Solu. (in Crore) M/s. Nova Petrofils (in Crore) Agro Pack (in Crore ) First 5.11 5.15 5.2 5.25 5.4 - - Second 5.5 5.51 5.6 - 5.77 - - Third 5.85 5.9 5.95 - 6.03 - - Forth 6.1 6.15 6.2 - 6.3 - - Firth 6.4 6.45 6.5 - 6.61 - - Sixth - 6.7 6.75 - 6.9 - - Seventh - 7 - - 7.05 - - Eighth - 7.11 - - 7.17 - - Ninth - 7.22 - - 7.35 - - Tenth - 7.4 - - 7.45 - - Eleventh - 7.51 - - 7.65 - - Twelfth - 7.7 - - 7.85 - - Thirteen - 8.06 - - 8.11 - - Fourteen - 8.16 - - 8.35 - - Fifteen - - - - 8.37 - - 8. After completing total 15 rounds of auction, bid given by M/s. Recycling Solution Pvt. Ltd., situated at 223, GIDC, Panoli, Bharuch, is highest being Rs. 8.37 Crores (Rupees Eight Crore and Thirty Seven Lacs). 9. Mr. Jeet J. Bhatt, learned counsel for the Official Liquidator upon instructions received from Mr. M.K. Sahu, Official Liquidator, who is personally present in the Court, submitted that bid given by M/s. Recycling Solutions Pvt. Ltd. is proper and adequate as far as the immovable properties of the Company (in liquidation) being Lot No.I as advertised. 10. Mr. Trivedi, learned counsel for legal heirs of Secured Creditor initially raised objection about the auction, but thereafter, withdrew the said objection. 11. Considering the highest offer from M/s. Recycling Solutions Pvt. Ltd. Panoli, through Mr. Viral K. Shah, learned advocate, which is proper and adequate, the same deserves to be accepted as sale consideration of immovable property being property of Lot No.I i.e. "Leasehold land admeasuring about 25,912 sq.mtrs., being Plot No.208/2, G.I.D.C, Panoli, Ankleshwar", originally belonging to the Company (in liquidation) and the same be sold in favour of M/s. Recycling Solutions Pvt. Ltd., Panoli, as per the conditions mentioned in the advertisement. 12. M/S. Recycling Solutions Pvt. Ltd. Panoli, being the highest bidder, shall deposit remaining amount of Rs. 7,88,00,000/- (Sale consideration of Rs. 8.37 Crores - Rs. 49,00,000/- received as EMD) within the time prescribed as per the terms and conditions. Thus, the sale is confirmed by accepting the bid of M/s. Recycling Solutions Pvt. Ltd., Panoli, being the highest bidder. 13. On receipt of total sale consideration from M/s. Recycling Solutions Pvt. Ltd., Panoli, the Official Liquidator shall give physical and actual possession of the immovable properties of the Company (in liquidation) i.e. Leasehold land admeasuring about 25,912 sq.mtrs., being Plot No.208/2, G.I.D.C, Panoli, Ankleshwar to it and thereafter shall undertake the exercise of executing a sale deed in favour of M/s. Recycling Solutions Pvt. Ltd., Panoli. The amount of EMD received on behalf of other bidders shall be returned by the Official Liquidator forthwith to each of the bidders. The amount of EMD submitted by Mr. Bakulbhai Patel from Agro Pack be returned on his depositing a sum of Rs. 25,000/- as late fees charges. Present Report stands disposed of with above direction. As far as prayer 5(B) is concerned, the Official Liquidator shall file separate report for the same.