UNITED BANK OF INDIA Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This is an application for setting aside the sale already confirmed by order dated July 21, 1995. The facts involved in this application, inter alia, are that by an order dated September 4, 1992, passed by this court Kolay Iron and Steel Co. Ltd. was directed to be wound up and the official liquidator was appointed as liquidator thereof.

(2.) In terms of the said order dated September 4, 1992, the representatives of the official liquidator along with the representatives of the secured creditors, i.e., United Bank of India, Allahabad Bank and West Bengal Financial Corporation went to the factory premises of the said company (in liquidation) on September 18, 1992, for the purpose of taking over possession of the assets of the said company (in liquidation) but could not take over possession on that day. Again, on September 21, 1992, the representatives of the secured creditors went to the factory of the said company (in liquidation) and made inventory of the properties.

(3.) In a letter for direction dated April 16, 1992, filed by the official liquidator for appointment of a valuer, on or about June 4, 1993, this court was pleased to direct the secured creditors to pay a sum of Rs. 10,000 towards the cost of the valuation report and for advertisement of the sale and accordingly the official liquidator by his letter dated July 16, 1993, requested all the secured creditors to send him a sum of Rs. 10,000 towards the cost of valuation and advertisement for sale.