RAJ KUMAR Vs. SPARK DEALERS PVT LTD

JUDGEMENT

(1.) BY an order dated 27th June, 1991, Usha Automobiles and engineering Limited was directed to be wound up. The company had unencumbered leasehold interest in lands at Sahibabad and also at cossipore, which were directed to be sold.

(2.) A sale notice was duly published, pursuant to which the respondent no. 1 submitted an offer and participated in the auction sale held in Court on 28th April, 1995. The offer of the respondent no. 1 of Rs. 3,61,50,000/-being the highest, the same was accepted.

(3.) ON an appeal filed by the secured creditors, the sale was set aside by an order of the Division Bench dated 18th June, 1996. An application filed by the respondent No. 1 for review of the aforesaid order, was also dismissed.