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2007 (10) TMI 401 - HIGH COURT OF PUNJAB AND HARYANAWinding up - Powers of Official Liquidator - whether as sale in favour of the appellant had been confirmed and, therefore, the learned Company Judge was wrong in ordering re-advertisement - Held that:- There is no doubt that the Official Liquidator is required to adopt a procedure so that the sale of assets of a company in liquidation fetches the maximum price so as not to defeat the process of liquidation which is to satisfy the creditors. The appellant was, concededly, given the option to participate in the fresh bid and also to give a higher bid if it so desired during the proceedings in Company Application No. 358 of 2005 when the property had not been re-advertised, but it chose to remain silent. The process of re-advertisement has clearly fetched much higher price than what was given by the appellant. Having regard to the aforesaid and especially in view of the fact that the appellant had the option to go in for fresh bidding and the property in question has fetched more than twice the amount offered by the appellant, we do not find any infirmity in the impugned order.
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