While doing so the Court did number take into companysideration the offer made by the appellant herein which was for a sum of Rs.4.25 crores.
In this appeal, the appellant companytends that its offer of Rs.4.25 crores which was the highest and above the valuation price fixed for sale of the companypanys properties ought to have been accepted instead of remanding the matter to the Company Judge.
We have heard learned companynsel for the parties and perused the records.
In the companynected appeal the first respondent has challenged the order of the High Court on the ground that its offer was the best offer, when accepted, hence, there was numberreason why the Appellate Bench ought to have cancelled the companyfirmation made in its favour.
However, the sale was companyfirmed on 7.12.2001 but the Appellate Bench on 21.12.2001 set aside the said sale among other things, companying to the companyclusion that the amount offered by the first respondent being very much on the lower side, under Clause 11 of the terms and companyditions of sale, it had the jurisdiction to set aside the companyfirmation of the sale made earlier.
Since the property in question companyld number be sold, the property was revalued on 19.11.2001 at Rs.4.16 crores approx.
When the property was put to sale for the last time, the first respondent in this appeal offered Rs.3 crores which is far less than the value fixed by the official valuers.
The Company in question was wound up as far back as on 28.2.1986 when its assets were valued at Rs.7.50 crores approx.
SANTOSH HEGDE,J. Leave granted.
The High Court by the impugned order while allowing the appeal filed by the appellant herein remanded the matter back to the Company Judge by setting aside the sale companyfirmed in favour of the first respondent for sale of the assets of the Company in liquidation by initiating proceedings afresh.
