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2017 (7) TMI 111 - HC - Companies LawTaking over possession of Movable assets - Official Liquidator contended that the assets and properties of the company under liquidation are therefore required to be sold by a public auction by giving public advertisement and therefore, it is essential to constitute a sale committee for the said procedure - Held that:- Having heard Ms. Bhoomi M. Thakore, learned advocate for the applicant and on perusal of the record of this report, the inventory report as well as the search report in particular and the minutes, the summons deserves to be accepted as prayed for in para 10(a). Considering the fact that there is only one secured creditor, a sale committee may be constituted as under: 1) Official Liquidator as Chairman. 2) Official representative of respondent no.1 secured creditor. 3) Assistant Official Liquidator. Such sale committee shall undertake the process of disposal of assets and properties of the company under liquidation.
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