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2009 (9) TMI 591 - HIGH COURT OF MADRASOfficial liquidator seeked to set aside the auction sale made by the Recovery Officer Held that:- In view of the position of law laid down in Rajasthan Financial Corporation v. Official Liquidator [2005 (10) TMI 280 - SUPREME COURT OF INDIA] the sale by the Recovery Officer and subsequent confirmation have got to be set aside in view of the non-association of the official liquidator in the process of sale which would ensure a proper price for the assets of the company in order to safeguard the interest of all the creditors secured and unsecured and also the workers' union, and also it was in violation of the order of the company court. The auction sale in question is set aside.The auction purchaser is entitled to refund of the monies paid by him towards the auction sale which is now set aside also in the interest of all the creditors and also the workers' union, a fresh sale is ordered to be made by the Recovery Officer after following the procedural formalities and after preparation of a fresh valuation done by the panel of valuers appointed by the company court with the association of the official liquidator and on acceptance of the same by the company court in order to ensure a proper price is fetched for the assets of the company in liquidation.
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