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2009 (7) TMI 764 - HC - Companies LawSetting aside the confirmation of sale -Winding up - Application preferred by the Auction Purchaser as well as the Official Liquidator - Held that:- No hesitation in taking the view that the entire sale need not be set aside even if the claim of the Applicant/Auction Purchaser that due to theft serious damage has been caused to the "movable assets" of the Company (in liquidation) were to be accepted as it is. Find merit in the suggestion given by the Official Liquidator that in the facts of the present case it may be possible to apportion the quotient towards movable and immovable on the assumption which is just and reasonable. If either offer was to be accepted by the Auction Purchaser, the loss caused on account of the theft cannot only be computed but it is possible to compensate the Auction Purchaser for such loss. Notably, the second option offered by the Official Liquidator to reduce the value of the movable assets from the sale consideration of ₹ 17.05 crores in no way would cause any prejudice to the Auction Purchaser. However, it is for the Auction Purchaser to opt for any of these mechanism within a reasonable time, failing which the Official Liquidator will have to proceed on the assumption that the Auction Purchaser is unwilling to fulfil its obligation of paying balance consideration and taking delivery of the assets. In which case, will have to proceed with resale of the entire property forthwith by invoking the terms and conditions of the sale
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