- (1.) This is an application for setting aside the sale already confirmed by order dated 21st July, 1995. The facts involved in this application inter alia are that by an order dated 4th Sept., 1992 passed by this Court Kolay Iron and Steel Co. Ltd. was directed to be wound up and the Official Liquidator was appointed as Liquidator thereof.
(2.) In terms of the said order dated 4th Sept., 1992 the representatives of the Official Liquidator along with the representatives of the secured creditors, i.e. United Bank of India, Allahabad Bank and West Bengal Financial Corporation went to the factory premises of the said Company (in liquidation) on 18th Sept., 1992 for the purpose of taking over possession of the assets of the said Company (in liquidation) but could not take over possession on that day. Again on 21st Sept., 1992 the representatives of the secured creditors went to the factory the said Company (in liquidation) and made inventory of the properties.
(3.) In a letter for direction dated 16th April, 1992 filed by the Official Liquidator for appointment of Valuer, on or about 4th June, 1993 this Court was pleased to direct the secured creditors to pay a sum of Rs. 10,000/- towards the cost of valuation report and for advertisement of sale and accordingly the Official Liquidator by his letter dated 16th July, 1993 requested all the secured creditors to send him a sum of Rs. 10,000/- towards cost of valuation and advertisement for sale.;