- (1.) The present appeal has been preferred by the Official Liquidator, High Court against an order dated 11th October, 2001 passed by the Trial Court allowing the application of the respondent and directing that the sum of Rs. 75,27,893/- being the 50% of the unearned value be paid by the Official Liquidator to the petitioner being the respondent from the funds lying in the hands of the Official Liquidator on account of the company (in liquidation).
(2.) A plot of land bearing No. 13A, Block 4 at Asaf Ali Road, New Delhi which was a freehold land vested on the Central Government and was placed before the Delhi Improvement Trust for disposal.
(3.) In 1954 the Delhi Improvement Trust invited bids for sale of the said land and the Indian Electric Works Ltd. (company in liquidation) submitted bids for the said plot and paid the entire purchase consideration. On 4th of December 1954 such plot of land was handed over to the possession of the said company;