Official Assignee/Naresh Manekchand Agarwal v. Rahul Vipanchander Aggarwal
Case brief
What is this about?
Bombay High Court, Insolvency Jurisdiction, Abhay Ahuja J, 21-01-2025; OAR No. 6 of 2024 in IP No. 10 of 2023; insolvent Rahul Vipanchander Aggarwal; petitioning creditor Naresh Manekchand Aggarwal / Official Assignee; intervenor SMFG Financial Services (adv. Bijal Gogri); auction of Flat No. 801, Jay Le Jardin, Borla Village, Chembur, Mumbai 400071 (1135.90 sq.ft carpet, CTS 619/3); sealed bids of Rs. 2.11 crore (Kiran Nainesh Sanghvi) and Rs. 2.05 crore (Rajendra Babu Kadam) with Rs. 30 lakh earnest money each rejected as below sealed reserve price fixed per valuation report; enhanced bid Rs. 2.25 crore also insufficient; earnest money (Demand Draft/banker's cheque) ordered returned; reserve price resealed; Report No. 6 of 2024 and auction proceedings closed; fresh report directed for re-auction of the flat premises.
What did the court decide?
Both auction bids rejected; Demand Draft/Pay Orders of the respective bidders to be returned forthwith; reserve-price paper to be resealed; Report No. 6 of 2024 and the auction proceedings closed; fresh report directed for re-auction of the flat premises as permissible in law.