Jasbir Singh, J. - (1.) THIS appeal has been filed against an order dated 15.12.2010, passed by the learned Single Judge, allowing an application filed at the instance of a Committee, constituted by the Hon'ble Supreme Court on 19.8.2004, to deal with the properties of Golden Forest (India) Limited, a company under liquidation.
(2.) HEARD counsel for the parties. A perusal of the paper book indicates that this Court, on 27.5.2010, constituted a Sale Committee of Official Liquidator and two lawyers, to be appointed by the Court, to effect sale of the assets of the Appellant i.e. Golden Projects Limited.
(3.) IT is case of the Appellant that the Golden Projects Limited is an independent Company from the Golden Forest (India) Limited. This plea was rejected by the learned Single Judge, by observing as under: This Court constituted Sale Committee consisting of the Official Liquidator and two lawyers to be appointed by this Court, who shall associate a representative of the Respondent -Company with them, to dispose of the assets of M/s Golden Projects Limited and its associate companies. Whether the order dated 05.09.2006 of Hon'ble Supreme Court in respect of assets of Golden Forests (India) Limited and its associate companies is inclusive of the Golden Projects Limited is not free from doubt. But the fact remains that M/s Golden Projects Limited and its associate Companies are also managed and controlled by the same family. The nature of investments and the issues arising therefrom are common to that of Golden Forests (India) Limited and Golden Projects Limited. Therefore, to avoid contradictory and conflicting proceedings and keeping in view the fact that the Sale Committee constituted by the Hon'ble Supreme Court has proceeded ahead in respect of sale of the assets of the Golden Projects Limited and has also invited claims from the investors, I deem it appropriate to constitute the said Sale Committee for the purposes of sale of assets of M/s Golden Projects Limited and its associate Companies as well. The Provisional Liquidator appointed by the Hon'ble Supreme Court is a former Judge of High Court and the other members are two former District Judges. The conduct of sale by such distinguished personalities shall invite more confidence of the effected parties than the Sale CAPP No. 2 of 2011(O&M) Committee to be constituted by this Court on 27.05.2010. Therefore, in modification of the order dated 27.05.2010, the Sale Committee constituted by the Hon'ble Supreme Court vide order dated 19.08.2004 in respect of sale of the assets of the Golden Forest (India) Limited shall be the Sale Committee for the sale of the assets of Golden Projects Limited and its associate Companies as well.;