1. ' Mr. Rana Ikramullah has produced a copy of the message which he has received from Abdul Hafeez Pirzada requesting him to obtain an adjournment on the ground that he is down with fever at Islamabad and unable to undertake the journey to Karachi. Mr. Mansoor Ahmed Khan opposes the request for adjournment even on this ground and points out that on the last date of hearing it was ordered that if any counsel could not appear alternate arrangement would be made. The request for adjournment is, therefore, denied.
2. ' The Official Assignee has made these two references in connection with bids/offers received by him in response to the advertisement for sale of the property of the respondent No,
1. The first reference, dated the 30th August, 1993, pertains to the offer of Rs,2,27,00,000 made by Dr. Mrs. Talat Khan for purchase of the property of respondent No, 1 and the second Reference, dated the 30th September, 1993, concerns the offer of Rs,2,32,00,000 made by M/s. Mehran Motor Car Company for purchase of the same property.
3. ' The first advertisement inviting bids for the property was published in newspaper on the 30th April, 1991. The reserve price mentioned in the advertisement was Rs,2,25,00,000. After the publication of the advertisement Mr. Mansoor Ahmed Khan wrote a letter, dated May 2, 1993, to the Official Assignee requesting that the reserve price be fixed at Rs,3,50,00,000 instead of Rs,2,25,00,000. That request was accepted by order, dated the 4th May, 1993 on Reference, dated the 30th May, 1993, made by the Official Assignee.
4. ' No offers were received. In response to the first advertisement. The Official Assignee caused second advertisement inviting bids, to be published in newspaper. On the 13th August, 1993. The last date for sending the bids was the 30th August, 1993, and reserve price was fixed at Rs,3,50,00,000. In response to this second advertisement, Dr. Mrs. Talat Khan has made an offer of Rs,2,27,00,000 and has deposited Rs,22,70,000, being 10% of the amount of her bid with the Official Assignee.
5. ' After expiry of the time to submit bids, M/s. Mehran Motor Car Company sent a bid of Rs,2,32,00,000 alongwith a pay order for Rs,5,00,000.
6. ' Mr. Mansoor Ahmed Khan submits that the offer of Dr. Mrs. Talat Khan ought to be accepted, firstly, on the analogy of the case reported in PLD 1987 SC 512 wherein, according to him, the sale was confirmed even though the judgment-debtor had deposited the decretal amount; and, secondly, because, there being only one person who submitted the bid within the time prescribed by the second advertisement the situation is as par with a case where a property is knocked down to the highest bidder at an auction. The submission is entirely farfetched because this is not a case where any offer has been accepted or sale made subject to confirmation by Court. The position here, simply and plainly, is that an offer has been made and it is for the Court to decide whether, in the circumstances of the case, the offer ought to be accepted or rejected.
7. It is not the case of Mr. Mansoor Ahmed Khan that the price offered by Dr. Mrs. Talat Khan is a fair or adequate price for the property but he insists that the offer must nevertheless be accepted because there are no valid objections to it in terms of Order 21, Rule 89, C.P.C. And even though the price offered is below the reserve price fixed at his own instance. The provisions of Order 21, Rule 89, C.P.C. Are clearly not, opposite. As for the reserve price, Mr. Mansoor Ahmed Khan submits that the mention of it in the advertisement has no legal effect or connotation and that the offer of Dr. Mrs. Talat Khan should be accepted even though it is below the reserve price. It cannot, however, be gainsaid that the purpose of mentioning reserve price is to indicate that offer below the reserve price will not be considered an offer in accordance with the invitation to bid; and, in any case the reserve price having been fixed at the instance of Mr. Mansoor Ahmed Khan himself, he is not entitled to question it.
8. ' Mr. Afsar Abidi says that the offer made by Dr. Mrs. Talat Khan is not sufficient even to meet the claim of I.D.B.P. And that the market value of the property, even according to the records of I.D.B.P. Is about Rs,4,00,00,000. This is not controverted by Mr. Iqbal Siddiqui who appears for I.D.B.P. He says further that before the institution of the present proceedings P.I.A. Was prepared to purchase the property for Rs,4 crores provided that the sale could be made privately and not in Court proceedings. The respondent No, 2 confirms the statement of Mr. Abidi but Mr. Mansoor Ahmed Khan says that he has no knowledge of any offer made by P.I.A. Be that as it may, it appears to me that, under the circumstances, the possibility that higher price could be obtained for the property cannot be ruled out. I would, therefore, not accept the offer made by Dr. Mrs. Talat Khan.
9. ' Mr. Mansoor Ahmed Khan submits that the Court has no power to accept the offer of M/s. Mehran Motor Car Company because it made after the time for making it had expired. I am not so sure that the offer cannot be accepted for the reason advanced by Mr. Mansoor Ahmed Khan but the offer, in my opinion, is not adequate and is, therefore, rejected.
10. Mr. Iqbal Siddiqui does not support or oppose the offer of Dr. Mrs. Talat Khan but suggests that the offer may be accepted because the matter of sale of the property of respondent No, 1 has remained pending since November last year. That, however, is no reason for accepting the offer which is inadequate.
11. ' In the circumstances, the offer made by Dr. (Mrs.) Talat Khan is hereby rejected. The Official Assignee will refund to her the money deposited by her with him. As for M/s. Mehran Motor Car Company the Official Assignee will return to them the pay order deposited by them or, if the pay order has been encashed, the amount thereof.
12. ' The Official Assignee will invite fresh bids for sale of the property. Mr. Mansoor Ahmed Khan says that the reserve price to be indicated should be Rs,2,25,00,000 whereas Mr. Afsar Abidi and the respondent No, 2 says that the reserve price should be Rs,2.75 crores. The latter's suggestion appears to be made reasonable. The reserve price to be indicated in the advertisement will, therefore, be Rs,2.75 crores. Mr. Iqbal Siddiqui says that I.D.B.P. Will pay the costs of free advertisement.
13. ' The references stand disposed of.