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2009 (8) TMI 706 - HIGH COURT OF MADHYA PRADESHWinding up - grant of permission to intervene to participate in further negotiations and proceedings for the purposes of purchasing the property of respondent No. 1 herein (a Company in liquidation) has been dismissed - Held that:- The Official Liqudator has acted in hasty manner by giving possession of the assets of the company to Respondent No. 2 immediately on the next day of passing of impugned order by the learned Company Judge in favour of Respondent No. 2 and he had not apprised the Appellate Court when the appeal was heard at motion stage itself on 12-8-2008, in presence of both the respondents and learned counsel for the Respondent No. 2 could not undertake not to get the documents executed in favour of his client. Probably if this Court would have been apprised of handing over of possession, the interim order would not have been passed or the respondent No. 2 could have been restrained from incurring expenditure for bringing the company into order. Thus his Court is of the opinion that there is no point in favour of the appellant to interfere in the impugned order. The appeal is, therefore, dismissed. Appellant is allowed to take back the cash amount of ₹ 8.75 crores (eight crore seventy five lakh) in accordance with the provisions of law as may be applicable in this regard.
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