VIJENDER JAIN,C.J. - (1.) THE application is allowed and the affidavit of Shri Naresh Chatley filed along with it is taken on record. Company Appeal No. 16 of 2007 : This is an appeal under Section 483 of the Companies Act, 1956 (for short, 'the Act') for setting aside order dated 1.3.2007 passed by the learned Company Judge in Company Application Nos. 631, 641 and 127 of 2006.
(2.) THE facts of the case, in brief, are that one M/s. Kanav Steels Private Limited was incorporated as a Company under the Act on 11.2.1985. The name of the said company was changed to M/s Shree Dewan Steels (India) Limited on 31.5.1990 which is the present company which went into liquidation vide order dated 10.2.1999 of the learned Company Judge. The Official Liquidator attached to this Court was appointed as its liquidator. The company in liquidation was deeply in debts. The Central Bank of India, one of its secured creditors, had also filed an application for recovery of the amount due to it before the Debts Recovery Tribunal, which was decided on 17.3.1999.
(3.) VIDE order dated 11.1.2006, the Official Liquidator was permitted to conduct the sale of immovable and moveable assets of the company in liquidation by associating the secured creditors and in pursuance to the said order, one Avtar Singh was found to be the highest bidder of the composite lot, having made bid for Rs. 5.2 crores. An application was filed by the Official Liquidator for confirmation of the sale, which was pending consideration before the learned Company Judgge.;