Reliance withdraws Super Bazar bid

Subsequently, the Bench comprising Justices B P Singh and H S Bedi accepted Reliance8217;s plea for withdrawal of the Rs 5 crore earnest money that had been deposited with the official liquidator.

The liquidator had been appointed in the wake of the apex court8217;s order to study the affairs of Super Bazar.

Reliance had evinced interest in reviving Super Bazar and had put in the highest bid of Rs 288 crore. The Government had invited bids in May last year on the court8217;s directions to see how the defunct cooperative super marker could be revived.

While 27 parties had initially expressed interest in the revival of Super Bazar, bids were received only from Reliance and the Indian Labour Cooperative Society, which was in a combined bid with Indian Potash Ltd.

Following the evaluation guidelines laid down by the Supreme on May 5 last year, a court-appointed committee scrutinised the bids and recommended the acceptance of the Reliance bid.

Giving a break-up of the Reliance bid, the committee had said that the company proposed an investment of Rs 60 crore in share capital and Rs 85 crore in working capital to revive the retail chain.

In addition, it had promised Rs 143 crore for revival and revamp of the stores. Reliance had also pointed out that it would have to settle the dues of government agencies and institutions up to a maximum of Rs 10 crore and suppliers8217; dues of Rs 25.58 crore after examining the legitimacy of every claim, the report filed by the court appointed Committee had stated.

Meanwhile, the Bench also asked the counsels appearing for the government, IPL and ILCS to consult the Registrar of Cooperative Societies on the issue and submit a report in a week, indicating the steps to be taken to work out the modalities of the revival scheme. It also directed the IPCL-ILCS combine to deposit the money in the court for employees8217; liabilities in order to secure them.

The matter has been scheduled for further hearing on March 21.