N.P.Singh, C.J. - (1.) This appeal has been filed on behalf of the United Bank of India against an order dated December 11, 1989, passed by a learned judge of this court, directing sale of the assets of the Bharat Electrical Industries Limited (in liquidation } ( hereinafter referred to as " the company " ) to the State of West Bengal, on payment of Rs. 1 crore.
(2.) The appellant, who is admittedly a secured creditor, has made a grievance in this appeal that, when, in the sale notice, Rs. 2.50 crores was fixed as the reserve price for the sale of the assets of the company, the learned judge should not have accepted the offer of the State of West Bengal of Rs. 1 crore only.
(3.) Counsel appearing for the State of West Bengal and the official liquidator pointed out that, from the different orders passed by the learned judge, it would appear that the official liquidator was directed several times to publish the sale notice in different newspapers inviting sealed tenders for sale of the assets of the company " as a going concern ", but the offer of Rs. 1 crore made by the State of West Bengal being the highest, the learned judge directed the sale of the assets of the company to the State of West Bengal. On behalf of the official liquidator, our attention was drawn to clauses (c), (d), (f), (g), (h) and (i) of paragraph 3 of the affidavit-in-opposition filed in this appeal, where details of the different orders passed by the learned judge directing the publication of the sale notice from time to time in different newspapers and offers received pursuant to such advertisements have been stated.;