Auction sale scope limited to movables where records, admissions and correspondence excluded immovable assets and fixtures attached to earth.

Contemporaneous auction records, prior admissions and later correspondence showed that the sale was limited to movable assets, including plant, machinery and scrap, while land, buildings and other permanent structures were excluded. The purchaser's own earlier position supported that it had bought only movables and was entitled to remove only those items from the factory premises. The valuation report did not establish that the entire assessed asset base had been sold, and the finding that heavy machinery and sheds attached to the earth were immovable property was upheld. On that basis, no claim to the remaining assets beyond the delivered movables was sustainable.

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Issues: Whether the appellant had purchased the entire plant, machinery and structures of the company in liquidation, or only the movable property, and whether the claim over the remaining assets could be sustained.

Analysis: The record showed that in earlier proceedings the appellant had itself proceeded on the basis that it had purchased only the movable property and would remove only such movables from the factory premises. The auction proceedings and subsequent inventory and correspondence indicated that the sale was limited to movables, plant and scrap, while land, building and other permanent structures were excluded. The materials also supported the conclusion that the movables had already been removed and that the appellant could not establish a right to claim the remaining items as purchased assets. The valuation report relied on by the appellant was incomplete and did not prove that the entire evaluated assets had in fact been sold. The earlier finding that heavy machinery and sheds attached to the earth constituted immovable property was also upheld.

Conclusion: The appellant failed to prove that it had purchased the immovable assets or any remaining property beyond the movables already delivered, and its claim to exclude the remaining assets from the auction proceedings was rejected.

Final Conclusion: The appeal was held to be without merit, and the dismissal of the application by the Company Court was sustained.

Ratio Decidendi: Where the contemporaneous auction record, prior admissions, and subsequent official correspondence show that only movable assets were sold, a purchaser cannot later claim immovable property or fixtures attached to the earth as part of the auctioned assets.

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