TMI Blog2009 (3) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... no infirmity in the impugned order in this behalf. In the present case, the sale was directed by the Company Court and in fact the auction was finalized before the Court. Thus, the sale has taken place in pursuance to the specific authority and sanction of the Court and it certainly is not the plea that the Company Court cannot authorize the provisional liquidator to do the needful. This aspect has been considered in para 8 of the impugned order and we find no reason to differ from the same. Thus the learned Company Judge has rightly found that there was no infirmity in the sale of the assets. Appeal dismissed. - CO. APPEAL NO. 21 OF 2008 - - - Dated:- 18-3-2009 - SANJAY KISHAN KAUL AND SUDERSHAN KUMAR MISRA, JJ. Arjun Mahajan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t appeal. 4. We have heard learned counsel for the parties and perused the impugned order. 5. The submission of the learned counsel for the appellant is three fold in terms of what was urged before the learned Single Judge. 6. The learned Single Judge in terms of the impugned order has noted that it did not agree to postponement of auction since no steps had been taken by the owners, directors or any other person for settlement of the dues of the creditors nor any details of payment or any proposal for settlement furnished by them. The reserve price was Rs. 3,29,78,400 while the highest bid was Rs. 5.5 crores. The secured creditor, Bank of Baroda, did not dispute the reserve price. The highest bid, being well above the reserve p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der, the Tribunal may appoint the Official Liquidator to be liquidator provisionally. (2) Before appointing a provisional Liquidator, the Tribunal shall give notice to the company and give a reasonable opportunity to it to make its representations, if any, unless, for special reasons to be recorded in writing, the Tribunal thinks fit to dispense with such notice. (3) Where a provisional liquidator is appointed by the Tribunal, the Tribunal may limit and restrict his powers by the order appointing him or by a subsequent order, but otherwise he shall have the same powers as a liquidator. (4) The Official Liquidator shall cease to hold office as provisional liquidator, and shall become the liquidator, of the company, on a winding up orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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