JUDGMENT Rakesh Kumar Jain, J —This application is filed by M/s. U.V Reconstruction Limited for seeking permission of this Court for confirmation of sale of the immovable property of the company in liquidation having description of "All that part and parcel of company land and building admeasuring 80 Kanal and 9 Marlas situated at 97 KM stone, Delhi-Jaipur National Highway, NH-8, Village Chirheda, Tehsil Bawal District Rewari, Haryana together with all buildings and structures constructed/to be constructed thereon" in favour of Sh. Satnarayan Yadav and his wife Krishna Yadav both residents of B-552-A, Sushant Lok, Phase-I, Gurugaon (now Gurugram). 2. It is averred in the application that at the time of disposing of CA No. 512 of 2013 filed by the applicant, this Court made the following observations: - "Considering the aforesaid enunciation of law, in my opinion, there is no bar in handing over the possession of the assets of the company in liquidation to the Asset Reconstruction Company for taking further steps to sell the same in terms of the directions given in the aforesaid judgements. The sale of the assets shall also be got confirmed from the Company Court. The object is to get maximum price for the assets of the company in liquidation" "The apprehension of the shareholders and the guarantors was that the assets of the company in liquidation may not be sold at throw away price. The apprehension is misplaced, if considered in the light of the directions already issued in terms of which the Asset Reconstruction company is to associate the Official Liquidator at every stage and further the sale shall be subject to approval by the Company Court. Even at that stage, the applicants- shareholders and guarantors shall be at liberty to intervene and bring a better buyer so as to get the maximum price for the properties sold." 3. Learned senior counsel appearing on behalf of the applicant has submitted that since the permission was given by this Court to sell the immovable property of the company in liquidation, therefore, a publication notice for sale was issued in the Newspaper, a copy of which is attached as Annexure A-3 Colly. with this application. The applicant did not receive any bid pursuant to the said notice which was sought to be sold at the reserve price of Rs. 11,85,00,000/- (Rupees Eleven Crores Eighty Five Lakhs only) . with this application. The applicant did not receive any bid pursuant to the said notice which was sought to be sold at the reserve price of Rs. 11,85,00,000/- (Rupees Eleven Crores Eighty Five Lakhs only) . However, it received expression of interest vide letter dated 12.06.2017 under the private treaty for purchase at the instance of Satnaryan Yadav and his wife Krishna Yadav in the sum of Rs. 13,50,00,000/- (Rupees Thirteen Crores Fifty Lakhs only) in terms of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). The said prospective buyers also offered 10% of the total amount to the tune of Rs. 1,35,00,000/- by way of an A/c payee cheque drawn on Indian Overseas Bank, Udyog Vihar Branch, Gurgaon and also provided the schedule for payment of the rest of the amount. 4. The said private treaty for purchase was accepted by the applicant on 12.06.2017 but it was made known to them that the confirmation and conclusion of the transaction of the sale would be subject to approval from various authorities. 5. It is further submitted that in order to satisfy the provisions of the SARFAESI Act, 2002 a statutory notice of 30 days was also served upon the borrowers and guarantors on 16.06.2017. The official liquidator was also informed vide letter dated 23.06.2017. 6. In view of the aforesaid facts and circumstances, the applicant has prayed for confirmation of sale in favour of the aforesaid prospective vendees of the immovable property of the company in liquidation for Rs. 13,50,00,000/- (Rupees Thirteen Crores Fifty Lakhs only). However, it is also mentioned that during the proceedings, Sh. Satnarayan Yadav has unfortunately expired and thus, applications, bearing CA Nos. 20 and 21 of 2018, have been filed on his behalf for impleading his legal heirs and for taking on record the amended memo of parties. The said applications are hereby allowed and legal representatives of Sh. Satnarayan Yadav are hereby impleaded as respondents No. 2 (i) to (iii) and the amended memo of parties, as provided by the learned counsel for the Satnarayan Yadav, is taken on record. 7. Today application bearing CA No. 27 of 2018 under Order 1 Rule 10 read with Section 151 CPC purported to have been filed by one Narender Kumar Garg, S/o Sh. 7. Today application bearing CA No. 27 of 2018 under Order 1 Rule 10 read with Section 151 CPC purported to have been filed by one Narender Kumar Garg, S/o Sh. Hemchand Garg, Resident of House No. 244, Shiv Colony, Near HDFC Bank, Ward No. 5, Sohna, District Gurugram for seeking permission to be impleaded as respondent No. 4 on the ground that he wanted to give higher bid of the property under sale to the tune of Rs. 14,55,00,000/-. 8. Notice in the application. 9. Sh. Gaurav Mankotia appearing alongwith Mr. Anand Chhibar, Senior Advocate accepts notice and Mr. Anand Chhibar has submitted that he has no objection if the said application is allowed. 10. The application is thus allowed and Sh. Narender Kumar Garg is impleaded as respondent No. 4 and amended memo of parties attached with the said CA is taken on record. 11. Since, Sh. Narender Kumar Garg has been impleaded as a party/respondent No. 4 who has offered Rs. 14,55,00,000/- to purchase the property in question and has appended three original drafts amounting to Rs. 49,50,000/- each and one draft of Rs. 69,75,000/- in the name of applicantcompany, total amounting to Rs. 2,18,25,000/- which is equal to 15% of the total sale consideration. 12. The applicant-M/s. U.V. Assets Reconstruction Co. Ltd. has accepted the offer and at the same time learned counsel appearing on behalf of the previous vendees namely Satnarayan Yadav and his wife Krishna Yadav has raised no objection rather request has been made on their behalf for a direction to the applicant-company for refund of amount already deposited on 12.06.2017. 13. In this regard, Sh. Anand Chibbar, Senior Advocate, on instructions, has submitted that the amount received from Satnarayan Yadav to the tune of Rs. 1,35,00,000/- shall be returned within 10 days from today. Mr. Chopra has submitted that the said amount may be transferred to the bankaccount of Smt. Krishna Yadav as he would provide the account number to the applicant company for the said purpose. 14. At this stage, Sh. Manish Soni, who is appearing for Narender Kumar Garg has submitted that he would like to hand over three original demand drafts; 2 drafts amounting to Rs. 49,50,000/- each and one draft of Rs. 48,50,000/- total amounting to Rs. 1,47,50,000/- which comes to 10% of the total amount of the sale consideration. 15. 14. At this stage, Sh. Manish Soni, who is appearing for Narender Kumar Garg has submitted that he would like to hand over three original demand drafts; 2 drafts amounting to Rs. 49,50,000/- each and one draft of Rs. 48,50,000/- total amounting to Rs. 1,47,50,000/- which comes to 10% of the total amount of the sale consideration. 15. Since, after the liquidation of the company, assets of the company in liquidation are to be sold for the purpose of realizing the cash component for payment to the creditors/workmen and this Court has also to ensure that the property of the company in liquidation should be sold at the maximum price, therefore, keeping in view the fact that the property of the company in liquidation is being sold at a price over and above the expression of interest shown by the previous vendees namely Satnarayan Yadav and his wife Krishna Yadav, therefore, permission is hereby granted and it is directed that the sale deed be executed in favour of the prospective vendee after the entire sale consideration is paid. 16. Sh. Manish Soni has submitted that 25% of the sale consideration has already been paid and the remaining 75% shall be paid on or before 45 days of the passing of this order. 17. Since the application is being disposed of, therefore, it is needless to mention that the applicant company shall hand over the possession simultaneously with the payment of entire sale consideration to the prospective vendee. 18. Three original demand drafts; 2 drafts amounting to Rs. 49,50,000/- each and one draft of Rs. 48,50,000/- total amounting to Rs. 1,47,50,000/- which are presented before the Court today are handed over to Mr. Anand Chhibar in the Court. Other drafts which are attached with CA No. 33 of 2018 shall also be handed over by the Registry to Mr. Anand Chhibar, Senior Advocate or Mr. Gaurav Mankotia, Advocate. With these observations, the present applications are hereby disposed of.