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2000 (4) TMI 765 - SC - Indian LawsAuction sale of the property of Company under liquidation - Held that:- As from the facts narrated it is apparent that the attention of learned Company Judge was not focussed to the fact that since 1980 company was closed and that there was no question of selling the company’s assets as a going concern. Thus in the present case, there is total non-application of mind to the material which is required to be considered for auction sale of the assets of the company. Also if the sale is set aside in appeal, it cannot be stated that purchaser is entitled to have refund of the amount with interest. Official Liquidator is directed to recover the possession of the property sold as per the inventory and thereafter to refund the amount deposited by the respondent No. 2 - auction purchaser. It would be open to respondent No. 2 to file proper application for recovering any other expenditure incurred by it after purchase of the said property if it is entitled to recover the same.The Official Liquidator is directed to resell the property after obtaining fresh valuation report from other reliable expert and after giving a copy of the said valuation report to secured creditors
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