UNITED BANK OF INDIA Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE United Bank of India, hereinafter referred to as "the Bank", has preferred this appeal against the order passed by the learned Company Judge on 3rd July, 1992. in connection with sale of the assets of the Company in liquidation.

(2.) WHEN the assets of the Company in liquidation were put up for sale one M/s Sree Ram Constructions had offered a sum of rs. 76. 00,000/ -. which had been accepted. Thereafter, on the intervention of the workmen, the sale was re advertised on the ground that there had been a substantial misdescription of the land belonging to the company in liquidation. Subsequent advertisement, only one offer was received and that was also from M/s. Sree Ram Constructions whereby the earlier offer rs. 76,00,000,/ was enhanced to Rs. 96,00,000/ -.

(3.) THE said offer of M/s. Sree Ram Construction was accepted on the terms and conditions set out in the said order of 3rd July, 1992, passed by the learned Company Judge.