party, i.e. Agniplast Pvt. Ltd., whose offer was lower, was first asked whether it would like to go beyond its offer, however the representative of the second party present in the Court, stated before the Court that the second party did not intend to raise its offer beyond Rs.1,95,00,000/-. It was thereafter, when the Court put to learned advocate Mr. S.M. Thakore, who represents the first party, as to whether the first party would like to raise its offer, Mr. Thakore on instruction from the representative of the first party present in the Court stated before the Court that the first party was ready to raise its bid to Rs.2,05,00,000/-. The Court since found that such offer was much below the upset price fixed by the Court, it had shown its disinclination to accept such offer of the first party and adjourned the matter to today to enable the first party to decide whether it would like to raise its offer upto the upset price to purchase the company’s properties. Today, when the OLR is taken up for consideration, learned advocate Mr. Thakore states under the instruction of the representatives of the first party that the first party is agreeable to raise its offer upto the upset price, i.e. Rs.2,43,00,000/-, and requests the Court to accept such offer, especially when no intending purchaser came forward to bid for the company’s properties. Learned advocate Mr. Siddharth Samal, who appears for the respondent, states that two officers from the respondent are present, who are Mr. S.N. Jha, Chief Manager, Canara Bank and Mr. Abhishek Hindunia, Manager (Law), Canara Bank and under their instructions, Mr. Samal states that the respondent has no objection if the offer of the first party of Rs.2,43,00,000/- to purchase the properties of the company in liquidation is accepted.
