P.D. Desai, J. - (1.) By an order passed on August 3, 1988, the Hanuman Cotton Mills Ltd. was wound up and the official liquidator was directed to take possession of the assets of the company. On September 2, 5, 1988, the official liquidator took possession of the assets which comprised, inter alia, the plant, machinery, land and building of the manufacturing unit situate at Fuleshwar, Howrah.
(2.) On October 6, 1988, the official liquidator sought a direction from the learned company judge (hereinafter referred to as "the court") for the appointment of a valuer to value the assets. By an order passed on December 22, 1988, a valuer was appointed. The valuer submitted his report on April 12, 1989, in which the assets were valued at a little above rupees one crore .
(3.) On April 21, 1989, the court issued directions for the sale of the assets of the company (in liquidation), including the factory premises, as per inventory, by public auction and by inviting sealed tenders upon advertisement, one each in an English newspaper (the Statesman) and in a Bengali and a Hindi newspaper (Jugantar and Viswamitra) as per usual terms and conditions of sale. The advertisement was directed to be published at least two weeks prior to June 2, 1989, which was fixed as the date of sale. The reserve price was fixed at rupees one crore. The official liquidator was directed to give notice to the secured creditors directing them to be present in the court on the date of sale at 2 p.m.;