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2012 (4) TMI 459 - HC - Companies LawApplication of official liquidator alleging misfeasance on the part, of the erstwhile Directors of the Company-in-liquidation - held that:- KSFC has sold the plant and machinery and the issue is pending, the first respondent who was the Director in any event cannot be held liable for the said auction and the question as to whether the KSFC could have sold the machinery and as to whether it could have been sold for a better value and as to whether the valuation had been appropriately made by the KSFC are issues which would have to be inter se decided between the Official Liquidator and the KSFC - the very same value of the plant and machinery which had been seized by the KSFC and sold cannot be considered as an amount which was due to be realized from the Directors for the misfeasance of not accounting for the said amount, when the facts are clear in the instant case. - Application is dismissed
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