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2007 (9) TMI 418 - HIGH COURT OF DELHIWinding up - Avoidance of certain attachment, executions etc. - public auction - Held that:- There was default on the part of the appellant company in repayment of the debt to PICUP pursuant to which attachment order of the property was passed which is valid in the eye of law. The property was sold in public auction in terms of the provisions of UP Public Moneys (Recovery of Debts) Act, 1972 which has become final and binding and, therefore, the learned Company Judge was justified in holding that public auction held in 1984 in favour of PICUP cannot be challenged collaterally before the Company Court inasmuch as the said auction was taken in a different proceeding altogether which has also become final and binding. The learned Company Judge rightly came to the conclusion that the challenge to the validity of the auction cannot be sustained or even entertained in a proceeding pending before the Company Judge. Remedy, if any, that the appellant had was to take up the matter under the relevant provisions and may be under the provisions of UP Zamindari Abolition and Land Reforms Act, 1950 but not under the proceeding of this nature. Remedies availed of by the appellant did not go in its favour. In this view of the matter, we are of the considered opinion that the judgment and order passed by the learned Company Judge is legal and valid. Appeal dismissed.
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