SC orders fresh bidding for revival of Super Bazaar

New Delhi, July 12 The Supreme Court directed the Central Registrar of Cooperative Society to hold fresh bidding for revival of Super Bazaar, after declining to sort out the dispute within the consortium between Indian Potash Ltd (IPL) and Indian Labour Coopertive Society (ILCS).
The consortium had come forward to revamp the cooperative.

The apex court said a fresh bidding was necessary as the "consortium of Indian Potash Ltd (IPL) and Indian Labour Cooperative Society (ILCS) has fallen apart".

Holding that the parameters and guidelines laid by the court in its earlier orders for inviting the fresh bidding would be maintained, a Bench comprising Justice S H Kapadia and Justice B Sudershan Reddy directed the official liquidator or Central Registrar of Cooperative Society to take steps for inviting fresh bids within four weeks.

A dispute has arisen within the consortium after IPL which had funded Rs 65 crore as share capital and earnest money wanted two of its nominee on Board of Directors.

However, ILCS, which had refused to bring any fund, had said since both of them had jointly come forward for the revival of the cooperative there should be a nominee of the society in the Board.

The court said since the consortium has fallen apart, the Rs 60 crore deposited by the IPL with the apex court registrar and Rs five crore deposited with the liquidator as an earnest money would be refunded within three weeks.

At the outset, senior advocate Abhishekh Singhvi, appearing for IPL, said that a dispute was there between the two partners and a strange situation has arisen after ILCS refused to pump in any fund.

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