CYCLE CORPORATION OF INDIA LTD. (IN LIQUIDATION) Vs. WEST BENGAL SMALL INDUSTRIES DEVELOPMENT CORPORATION LTD.

JUDGEMENT

(1.) SOME startling facts have come to light upon this apparently innocuous application and innocent prayers made by the official liquidator. His action in the entire matter calls for a strict scrutiny as indicated hereinafter.

(2.) THE company (in liquidation) had use of a land at the Kalyani Industrial Estate. It appears from the valuer's report that was obtained before the company's assets were put up for sale that sheds 2 to 6 out of the immovable property occupied by the company (in liquidation) had been let out by the Government of West Bengal or one of its agencies, to the company (in liquidation). The unpriced copy of the valuer's report relied upon in the official liquidator's affidavit -in -reply has this to say on the matter:

(3.) THE official liquidator thereafter, in discharge of the statutory duties cast on him by the Companies Act and the rules framed thereunder, proceeded to issue advertisements after preparing a sale notice. The sale notice contains all protections and indemnities that the official liquidator chose to reserve for himself so that in the event of any mistake, the official liquidator may not be touched. Such conditions require to be tested in the context of the official liquidator's conduct in this matter.