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2007 (8) TMI 448 - HC - Companies LawCustody of company’s property - sale to highest bidder - Held that:- As find from the records made available by learned counsel for the official liquidator that the official liquidator had not secured the details of the landed properties to be sold in public auction. Except a copy of the survey sketch other details are not forthcoming. From this document, the boundaries of the property cannot be ascertained. During the pendency of the appeal it is brought to our notice that in respect of the very property confirmed in favour of the second purchasers the proceedings were pending before the Debts Recovery Tribunal in Case No. DCP. 3118. The proceedings were initiated by the Industrial Finance Corporation of India Ltd. The property described therein comprised of 18 acres 13 guntas of land and the building with plinth area of 1,137.14 sq. ft. Thus, it is not clear as to whether the property secured to Industrial Finance Corporation of India Ltd., was included in the sale confirmed in favour of the second respondent. The order of the learned single judge, confirming the sale in favour, of the second respondent on the ground that the second respondent has come forward with the highest offer raising his offer from ₹ 124.5 lakhs to ₹ 165.13 lakhs, without noticing the material irregularities, can not be sustained. Case remanded to direct the official liquidator to tender the property for sale afresh.
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