Asok Kumar Ganguly, J. - (1.) The applicant, Kanchanjhanga Commotrade (P.) Ltd. ("applicant"), the second highest bidder in respect of sale of land including cottage, pond, boundary wall, machine and equipment and office furniture of Spawk Engineering (P.) Ltd. (liquidation) as ("the company in liquidation") filed this application for setting aside the sale in favour of respondent No. 1 which was confirmed by the company judge by an order dated 26-3-1999.
(2.) The relevant facts of the case are that an advertisement was inserted on March 4, 1999, by the official liquidator (hereinafter referred to as O/L) in The Telegraph for sale of assets and properties of the company in liquidation.
(3.) In connection with the said sale, the applicant made an offer to the official liquidator for purchasing the aforesaid property of the company in liquidation which was advertised for sale. The offer of the applicant was for an amount of Rs. 45,000. Thereafter, the matter was taken up by the court for sale of the said property and in court, the applicant increased the bid from Rs. 45,000 to Rs. 6,50,000. The offer of respondent No. 1 was recorded at Rs. 6,00,000. But by an order dated March 19, 1999, the sale was adjourned with a direction upon the official liquidator to allow further inspection of the assets and properties of the company in liquidation to the intending bidders so that the intending bidders may increase their offer upon such inspection. This order was passed after hearing the submission made by the learned advocate appearing for the party and the applicant was also represented by his learned advocate. Thereafter again on March 26, 1999, open bid was held in the court in which the applicant participated along with respondent No. 1. In that bid, respondent No. 1 was the highest bidder at Rs. 13.5 lakhs and the bid of the applicant was for Rs. 12.5 lakhs. The sale was confirmed in favour of respondent No. 1. After the sale was so confirmed respondent No. 2 paid the entire sale amount of Rs. 13.5 lakhs to the official liquidator on June 28, 1999. Thereafter, the official liquidator made over possession of the entire property measuring 4.68 acres with all movables to the respondent. It is not in dispute that after the sale was confirmed in favour of respondent No. 1, respondent No. 1 filed an application being C. A. No. 217 of 2000 for a direction upon the official liquidator to execute the conveyance in favour of respondent No. 1 in respect of 4.68 acres of land.;