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2010 (1) TMI 571 - HIGH COURT OF MADRASWinding up - whether the appellant was unable to show any irregularity or fraud in the conduct of the sale, and hence it should not be set aside? Held that:- In the instant case it can be well stated that there was no proper publication at all calling for sufficient number of bidders and only two bidders were present. In such circumstances, this Court is of the considered opinion that the sale has got to be set aside. The above auction purchaser is entitled to get back the amount paid by him towards sale transaction. The Official Liquidator is directed to return the said amount and also the accrued interest if any thereon to him. In the result, all these original side appeals are allowed setting aside the orders of the learned Single Judge. The auction sale is set aside. The Company Court is required to proceed with the sale process afresh after making necessary publication.
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