ELEPHANTA OIL AND VANASPATI INDUSTRIES LTD Vs. STATE

JUDGEMENT

(1.) The present application has been filed by the Punjab and Sind Bank, secured creditor of the company in liquidation for recall of the order dated 27th May, 2008 and for restoration of the order dated 13 March, 2008.

(2.) It is pertinent to mention that by the order dated 13th March, 2008, this Court had issued a sale proclamation for Ghaziabad property of Respondent company in liquidation as well as for plant and machinery installed in the said premises. The sale was to be conducted on 29th May, 2008.

(3.) However, before the sale could be conducted, two applications being Company Applications No. 562-563/2008 were filed by Mr. Vinod Kumar Jain, ex-director of the company in liquidation. After hearing the learned Counsel for applicant as well as learned Counsel for Official Liquidator, this Court recalled the sale proclamation upon certain conditions. The order dated 27th May, 2008 is reproduced herein blow: