R.K. JOSHI Vs. ONS KNITWEAR PVT. LTD.

JUDGEMENT

(1.) THE appellant has preferred the present appeal against order dated 22.2.2007 of the learned Company Judge passed in Company Petition No. 136 of 2005.

(2.) THE appellant, who was the guarantor, satisfied the debts of the company in liquidation and the learned Company Judge observed that he has stepped into the shoes of the secured creditors and in this view of the matter, the Official Liquidator was to satisfy the debts due to him.

(3.) WHILE making a comment on the bid made by one Dilbag Singh (arrayed as respondent No. 1 in the Company Petition and as proforma respondent in this appeal) and specifically in view of the offer made by the appellant, the Official Liquidator to sell the property of the company in liquidation in accordance with law and the amount of Rs. 10 lacs deposited by the appellant in terms of order dated 23.2.2006 was directed to be returned to him, but after deducting expenses on account of advertisement and valuer's fee amounting to Rs. 90.646/ - and Rs. 16,080/ - respectively.