- (1.) The application is for recalling an order passed for the sale of the meagre movable assets of the company in liquidation on the ground that the applicant has a better offer for the assets.
(2.) Ordinarily, orders confirming sales made by the company Court are not interfered with lightly; but when a company goes into liquidation and it is the duty of the Court to ensure that the assets of such company fetch the best price, if a subsequent bidder makes a better offer prior to the sale being completed, the company Court may entertain the same.
(3.) The sale of the movable assets of the company in liquidation was confirmed in favour of S.S. Syndicate at Rs.2 lakh. The Official Liquidator acknowledges that the entire consideration has been made over to the Official Liquidator. However, the Official Liquidator has not made over the assets sold to the purchaser identified by the order of October 9, 2015.;