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In The Matter Of M/S Sakura Seimitsu India Ltd. - COMPANY PETITION No. 51 of 1998  RD-AH 7608 (12 April 2006)
COMPANY PETITION NO. 51 OF 1998
In the matter of: M/s Sakura Seimitsu (India) Ltd. (In Liq.)
Hon'ble Sunil Ambwani, J.
1. In pursuance of second advertisement for sale of the assets of the Company (In Liq.) E-115, Site-B, U.P. S.I.D.C. Industrial Area, Surajpur, District Gautam Budh Nagar (UP), two bids were received on 29.3.2006. The Court had provisionally accepted the higher bid for Rs. 1,75, 01,000/- of Supermax Fincap Private Limited subject to any objection, which may be made by the secured creditors.
2. Shri Anurag Khanna representing PICUP has no objection. The State Bank of Patiala has informed the Official Liquidator that it has no objection to accepting the bids. Shri Rakesh Misra appears for State Bank of Bikaner and Jaipur, Asset Recovery Branch, Zonal Office, New Delhi. He states that the State Bank of Bikaner and Jaipur has filed a claim before the DRT, Delhi for about Rs. 4.79 Crores. The State Bank of Bikaner and Jaipur, however, has no objection to the acceptance of the bid.
3. The Official Liquidator informs that earlier bid of Rs. 1.75 Crores was cancelled as the bidder had not deposited 25% amount required to be deposited within thirty days and thus by order dated 15.2.2006 earnest money was forfeited.
4. The present offer appears to be fair and reasonable.
5. Now since no objection is received from any of the secured creditors, the bid is accepted, with the condition that the offerer shall
deposit 25% of the bid amount within thirty days excluding the earnest money. Shri B.D. Mandhyan, learned Senior Counsel appearing for the highest bidder, prays for one year's time to deposit the balance. The prayer cannot be accepted. In all such cases, the Court has consequently followed the conditions to allow only six month's time to deposit the amount.
6. Let the remaining amount, after deposit of 25% within thirty days from today, be deposited within six months from today in such instalments, as may be settled with the Official Liquidator.
7. The bidder shall not be permitted entry inside the premises until the entire amount is paid. It may, however, deploy outside security over and above the security of the PICUP.
8. List in chambers on 17.5.2006.
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