H.L.Gokhale, J. - (1.) Heard Sri Ramesh Singh in support of this appeal and Sri Arnab Banerji appears for the respondent official liquidator.
(2.) The appellant is a nationalised Bank. It seeks to challenge the order passed by the learned Company Judge on 27th September 2007 on an application filed by the official liquidator to set aside the sale of the factory and assets of the company situate at Nawabganj, Bareilly in favour of M/S Cristina Vinimay Pvt. Ltd.
(3.) The short facts leading to the appeal is that one M/S Dhandhaniya Brothers, Pvt. Limited filed company petition No. 77 of 1999 for winding up of Khaitan Overseas and Finance Ltd., (shortly known as KOFL) and applied for appointment of a provisional liquidator. The appellant herein Dena Bank had moved for recovery of its dues in the Debt Recover Tribunal (in short DRT), Kolkata and the receiver was appointed. The counsel appearing for the Dhandhaniya Brothers, Pvt. Limited did not press for appointment of provisional liquidator and in fact made a statement that he had no objection if the receiver appointed by the DRT proceeds for disposing of the assets of the Company.;