- (1.) We have heard learned counsel for the partics yesterday as also today. At one stage we were of the view that there should be a public auction of the Company's assets and keeping that in view we had directed valuator to be made. Valuation has been made of the machinery as also the lands and the buildings. According to the valuation figures have been worked out to Rs. 52,18,000. 00 according to the lessee the proper valuation on the basis of the reports works out to Rs. 49,73,000. 00. We have kept these two valuations in view.
(2.) The division bench of the High court had directed the Company's assets to be transferred to the lessee on the basis of sale and pursuant to such direction as part payment of the total amount of Rs. 30 lacs, Rs. 15. 00 lacs had been deposited by the lessee on 13/11/1986 which tinder the orders of the division bench have been put into small term investments.
(3.) In terms of the High court's order payment of the annual rent has been suspended from 1stdecember, 1986. It is not disputed that monthly rent was Rs. 21,300. 00 and calculated from 1/12/1986 up to the end of April, 1988, rent is due for 17 months.;