DIVYA MANUFACTURING CO PVT LTD v. UNION BANK OF INDIA AND ORS
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https://doi.org/10.55662/Abstract
This is an appeal case which was decided in the year 2000. The appellants are Divya manufacturing co. (Divya for short) offered to purchase the properties of Tirupati Woolen Mills ltd which was a liquidating firm. For the purchase they offered just a mere Rs.37 lakhs, this was before the intervention of the courts. Subsequently after the court bidding and before the learned single judge the purchase price was raised to Rs.85 lakhs and finally before the division bench the appellant encreased it to Rs.1.3 crores. During this time the respondent No. 7 and 8 who were Sharma chemical works (Sharma for short) and Jay Prestressed products ltd (Jay for short) respectively were not permitted to bid. Soon after the respondents pointed out that the market value of the properties was 2 crores and for these bona fides each of them was directed to pay the appellant Rs.70 thousand and deposit Rs.40 lakhs each.
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