JAINSONS EXPORTS INDIA Vs. BINATONE ELECTRONICS LIMITED

JUDGEMENT

(1.) This company appeal is directed against the order of the learned Company Judge dated 31.3.1995 in Company Petition 93 of 1992. ' The appellant is the auction purchaser of the sale of the property which is located in Bombay. The sale was confirmed in favour of the appellant on 25.5.1993 for Rs. 11,10,000. But the said sale confirmation was reopened by the learned Company Judge on the ground that the earlier order was passed as a result of misstatement of facts and by misleading of the Court. In fact, after the sale in favour of the appellant was reopened, a fresh sale was held in which the same property fetched Rs. 55 lakhs in 1995.

(2.) The point raised in this appeal is whether the learned Company Judge could have reopened the matter on the ground that the Court was misled on account of misstatement of facts. The appellant contends that the Court has no such power.

(3.) The following are the facts.