THE HON'BLE Ms. JUSTICE G.ROHINI COMPANY APPLICATION No. 1332 OF 2010 IN COMPANY APPLICATION No.343 OF 2009 IN COMPANY PETITION No.57 OF 1999 Dated: 01.02.2011 Between: M/s. V.K.Enterprises ..... Applicant AND The Official Liquidator and another .....Respondents THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION No. 1332 OF 2010 IN COMPANY APPLICATION No.343 OF 2009 IN COMPANY PETITION No.57 OF 1999 O R D E R : This application is filed seeking a direction to the Official Liquidator representing M/s. Sirsilk Limited, the company in liquidation to execute a sale deed in favour of the applicant in respect of Ac.69.33cents of land situated in survey Nos.228, 229, 230, 231, 235, 236, 237, 246 and 247 in Kothapet village at the price offered by the applicant i.e., Rs.5,50,000/- per acre. In the affidavit filed in support of the application, it is stated that in response to the auction notice published by the Official Liquidator, the applicant had participated for the property in lot No.4 comprising 69.33 cents of land and he had offered Rs.5,50,000/- per acre. Claiming that the offer made by him was fair and appropriate, the present Application has been filed seeking a direction to the Official Liquidator to transfer the land in question to him and to execute a sale deed in favour of the applicant. The Official Liquidator filed a report vide O.L.R.No.472 of 2010 stating that the total value of the property comprised in lot No.4 was valued at Rs.5,74,31,000/- and since the price offered was coming to Rs.4,31,31,500/- unless the applicant enhances the offer beyond the minimum upset price of Rs.5,74,31,000/-, the same cannot be accepted. Having considered the said report, this Court by order dated 22.12.2010 permitted the Official Liquidator to conduct negotiations with the applicant as well as the other intending bidders. Pursuant thereto, a meeting was held on 28.01.2011 in which all the bidders including the applicant had participated. The minutes of the said meeting has been placed before this Court by the Official Liquidator vide report dated 01.02.2011. The minutes shows that the applicant herein did not enhance his offer of Rs.4,31,31,500/- whereas one M/s. Elite Edifices India Private Limited, who had offered the highest of Rs.5,75,00,330/-, on further negotiations offered Rs.8,00,00,000/- as against the minimum upset price of Rs.5,74,31,000/- and the other bidders did not show interest to quote higher than that. The learned counsel for the applicant has not disputed the same and further stated that the applicant is not willing to enhance his offer. In the circumstances, there cannot be any direction as sought by the applicant to execute the sale deed in his favour. Accordingly, the Company Application is dismissed. However, it is left open to the Official Liquidator to proceed with further negotiations among the intending bidders and to finalise the transactions. No costs. ___________ G. ROHINI, J Date : 01.02.2011 Ivd