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2009 (9) TMI 582 - HC - Companies LawWinding up - Exercise and control of liquidator’s powers - sale affected by Official Liquidator - Held that:- In view of the material irregularities noticed, which would go to the root of the sale effected by the Official Liquidator and the appellant, who believed the sale tender notice and the report of the valuer, which were with mis-descriptions, suppression of necessary material particulars and suggestive of things, which were not available, made the offer to purchase and despite the memos and orders of Court neither the title deeds pertaining to the property were given nor he was put in actual possession and, thus, he has incurred substantial injury. Hence, the auction sale made by the Official Liquidator on 6-2-2008, is set aside and subsequently confirmed by the Court is also set aside and the Official Liquidator is directed to return the sale consideration to the appellant. The Court is of the considered opinion that it is not a fit case, the Court could order interest on the sale consideration till the time of passing of the order, since the company is already under liquidation. Appeal allowed setting aside the sale with direction to the Official Liquidator to return the entire sale consideration along with accrued interest in the bank deposit, to the appellant purchaser, within a period of four weeks therefrom, in default, the sale consideration shall carry interest at the rate of 12 per cent therefrom.
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