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2010 (1) TMI 573 - HIGH COURT OF CALCUTTARevival of the company - assets of the company in liquidation could not be sold so far. The resultant effect has been that the creditors have been kept at bay and expenses in the nature of guarding expenditure has been continuously incurred and the machinery is also deteriorating from day-to-day Held that:- The official liquidator is directed to get in touch with the firms and companies engaged in identical type of business as that of the company in liquidation so that the plant and machinery can be sold to the actual users thereof and not as scrap. In that event the plant and machinery is likely to fetch a handsome amount which will be enough to liquidate the dues of the company in liquidation substantially if not in full. Such sale can be made by private negotiation subject to confirmation of the court. The valuation in that regard has already been indicated herein. No further valuation thereof at this stage is necessary. The official liquidator shall be at liberty to appoint an agent for the purpose of procuring appropriate buyers at a commission to be settled by the court. M/s. Engineers and Valuers collaboration referred to hereinabove should also be contacted for this purpose. The applicant who is the lessor in this case is also expected to render adequate assistance to the official liquidator in finding an appropriate buyer so that the plant and machinery can be sold at an appropriate price for the benefit of all the creditors of the company in liquidation.
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