1 abs IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COURT RECEIVER’S REPORT NO. 7 OF 2010 WITH COURT RECEIVER’S REPORT NO. 54 OF 2010 IN SUIT NO. 1689 OF 2003 Bank of Baroda .. Plaintiff V/s Alpic Finance Ltd. (in liquidation) .. Defendant Ms. Soumya Srikrishna i/b Little & Co. for the plaintiff. Mr. D. Mishra with Mr. Deepak Pandey for the 2nd highest bidder. Mr. G.G. Ketkar, 1st Assistant to Court Receiver, present. CORAM : D.G. KARNIK, J. DATE : 28th APRIL 2010 P.C. : 1. Heard counsel for the parties. None present for the highest bidder M/s Chidambara Resorts Pvt. Ltd. when called. 2. These reports arise out of auction of the property held at the instance of the plaintiff. By an order dated 12th March 2010 as corrected by order dated 22nd April 2010 (Coram: 2 V.M. Kanade, J.) in Court Receiver’s Report No.7 of 2010, M/s Chidambara Resorts Pvt. Ltd. were declared as the highest bidder in the sum of Rs.1,37,00,000/-. Bid of M/s Chidambara Resorts Pvt. Ltd. was accepted and they were directed to deposit Rs.37,00,000/- forthwith and the balance amount within 2 weeks. M/s Chidambara Resorts Pvt. Ltd. deposited only Rs.10,00,000/- with the Court Receiver and did not deposit the balance amount at all till date. The Receiver has therefore submitted these two reports. 3. In view of the fact that the M/s Chidambara Resorts Pvt. Ltd. has failed to comply with the terms of the auction as also the order of the Court dated 12th March 2010 as modified by order dated 22nd April 2010, the highest bid made by M/s Chidambara Resorts Pvt. Ltd. is rejected. The sum of Rs.10,00,000/- deposited by them stands forfeited. 4. Counsel for the second highest bidder makes a request to accept the second highest bid. Counsel for the plaintiff submits that the second highest bid is much less than the present value and the plaintiff is receiving enquiries indicating higher value. Counsel for the plaintiff submits that fresh auction be held and the expenses for the fresh auction 3 would be borne by the plaintiff. Submission is accepted. 5. The Court Receiver is directed to initiate the process for fresh auction. Expenses of the fresh auction shall be borne initially by the plaintiff. 6. Both the reports are disposed of. (D.G. KARNIK, J.)