IN THE HIGH COURT OF JUDICATURE AT PATNA Comp.App.(DB) No.12 of 2009 M/S V.K.ENTERPRISES Versus M/S PYRITES PHOSPHATES&CHEMICAL with Comp.App.(DB) No.13 of 2009 SHRI VIJAYANT JAISWAL Versus M/S PYRITES PHOSPHATES & CHEM. ----------- 3/ 22-May-09 Today the appellant of Company Appeal No. 12 of 2009 has submitted a demand draft of Rs. I Crore in favour of official liquidator, High Court, Patna seeking an opportunity to raise his bid for the property in question to Rs.8 Crores and the demand draft has been submitted by way of earnest money deposit. In that view of the matter the demand draft of Rs.1 Crore is handed over in Court to the official liquidator who is present. In response to the aforesaid offer of Rs.8 Crores by M/S V.K. Enterprises, the appellant of Company Appeal No.12 of 2009, Mr. Ganesh Prasad Singh, learned Senior Counsel, appearing for Mr. Kamal Arora, Resppondent No.2, the successful bidder, indicates that his client is prepared to raise his offer to Rs. 8 Crores I Lac only to meet the raised offer of M/S V.K. Enterprises. On behalf of appellant Sri Vijayant Jaiswal, learned counsel for the appellant prays to withdraw the appeal as his client does not intend to compete in any further bid for an amount above Rs.8 Crore. In that view of the matter, the 2 Company Appeal No.13 of 2009 is dismissed as withdrawn. So far as Company Appeal No.12 of 2009 is concerned, it is being disposed of after noticing that clearly the property in question is capable of fetching more than Rs.7.01 Crores for which bidding has been finalized with Mr. Kamal Arora. Hence, the acceptance of the bid of Rs.7.01 Crores as final bid with Mr. Kamal Arora is set aside and the matter is remitted back to the Hon’ble Company Judge to hear the parties and take fresh decision in the matter after giving opportunity to Mr.Kamal Arora and M/S V.K. Enterprises. It is made clear that further opportunity to M/S V.K. Enterprises to participate in a bidding for the property starting from Rs.8.01 Crores shall be given only if he deposits further amount of Rs.6.01 Crores with the official liquidator, High Court, Patna within 30 days from today. The appeal stands disposed of. If the amount in question is not deposited by appellant, M/S V.K. Enterprises within the time indicated above then the earlier order of the Company Judge shall remain valid and the amount of Rs. one Crore deposited by M/S V.K. Enterprises today shall stand forfeited. perwez (Shiva Kirti Singh, ACJ.) (Mihir Kumar Jha,J.)