Vedica Procon Private Limited vs Balleshwar Greens Private Limited And ...

The Supreme Court upheld the Gujarat High Court's order confirming the sale of freehold land of M/s Omex Investors Ltd. to Vedica Procon Private Limited for Rs.148 crores, following an auction process. The Court clarified that the earnest money deposit (EMD) of the second highest bidder, Balleshwar Greens Private Limited, was to be returned after the successful bidder deposited 25% of the sale consideration, as per the tender conditions. The Court affirmed the legality of the auction process and the subsequent actions of the official liquidator under the Companies Act, 1956, particularly Sections 455 and 456.