- (1.) Leave granted.
(2.) The appellant is aggrieved by judgment dated 12.9.2008 of the Division Bench of the Gujarat High Court whereby the appeal preferred by respondent No.2 - Bipin B. Lathia against order dated 12.11.2007 passed by the learned Company Judge in Company Application No. 504 of 2007 was allowed and the Official Liquidator was directed to complete the formalities for execution of the sale deeds in respect of the property belonging to M/s. Global Arya Industries Limited (hereinafter referred to as, "the Company") in his favour.
(3.) By an order dated 27.4.2006 passed in Company Petition No. 106 of 2002, the learned Company Judge ordered winding up of the Company and appointed the Official Liquidator attached to the High Court as Liquidator of the Company. The proposal submitted by the Liquidator in the form of Report No.162 of 2006 for sale of the assets of the Company including land, building, plant and machinery, furniture, fixtures and all other movables (except records) at L.S. No.202/3P, SIDC Main Road, village Veraval, District Rajkot was approved by the Company Judge and a committee was appointed for conducting the sale. After due deliberations, the committee decided to advertise sale of the assets of the Company. In furtherance of that decision, advertisements were issued in vernacular and English newspapers showing reserve price of the land etc. as Rs.64 lakhs. After considering the bids and further offers made before the Court, the learned Company Judge passed an order dated 30.8.2007 and approved the highest offer of Rs.127 lakhs given by respondent No.2. Soon thereafter, the appellant filed Company Application No. 450 of 2007 for recall of order dated 30.8.2007 by stating that it was interested in making an offer of Rs.141 lakhs. The learned Company Judge dismissed the application by observing that the revised offer made by the appellant was an afterthought and there was no tangible reason to review the earlier order.;