SANGLI BANK LTD Vs. OFFICIAL LIQUIDATOR HIGH COURT

JUDGEMENT

(1.) THIS appeal by a scheduled bank seeks to challenge the order passed by a Single Judge (Radhakrishnan, J.) on 12th february, 2004 on a Company Application moved by the appellant herein in a winding up petition bearing Company Petition No. 412 of 1985 which has already been disposed of. This Company Application No. 386 of 2003 moved by the appellant herein sought a review of the order dated 22nd August, 2003 passed by the learned Judge on the Liquidator's report confirming the sale of three lots of immovable properties. The application came to be rejected by the impugned order and hence this appeal.

(2.) THE short facts leading to this appeal are as follows : One Madhavnagar Cotton Mills Ltd. , of Sangli is in liquidation and with respect to which winding up order has been passed in the above referred company Petition No. 412 of 1985 in January, 1997. The assets of the company are in possession of the Official Liquidator since March, 1997. Thereafter on the liquidator making a report dated 19th February, 2002, the learned Company judge at that time (Deshmukh, J.) by his order dated 14th March, 2003 directed the Official Liquidator to call for the prevailing rates of the property from the sub-Registrar, Sangli. This was for the purpose of effecting sale of the properties of the said mill company which were situated within the jurisdiction of the Sub-Registrar, Sangli.

(3.) THEREAFTER, on the liquidator making another report dated 22-/-2003, the then Company Judge (Radhakrishnan J.) held the auction concerning the properties of the company in Court on 22-8-2003. The bids of respondent No. 2 came to be accepted with respect to two parcels of property i. e. (a) Lot No. IV, (Sub-lot No. 3) comprising of land bearing Survey No. 203/4 consisting of 65340 sq. feet and (b) Lot No. IV (Sub Lot No. 5) comprising of land bearing R. S. No. 197 to 202 (1) consisting of 937629 sq. feet. The bid of respondent No. 3 came to be accepted with respect to Lot No. in which comprises of the Manager's bungalow situated at Guruwar Peth, Madhavnagar having an area of 4000 sq. feet. These respondents were the highest bidders and the prices at which these three bids were accepted were as follows : <FRM>JUDGEMENT_916_MHLJ1_2005Html1.htm</FRM>