1942 (12) TMI 7

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....ng of grievance by the appellant, but the Court is not able to allow the appeal. On 13th August 1942 Bell, J., ordered that the assets of the Madras Chemical Industries, Ltd., which was in the process of being wound up under an order of this Court should be sold by tender. The intention was to sell the business as a going concern. In pursuance of this order, the Official Receiver caused an adverti....

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....ing of the date fixed by him for the submission of the tenders and for directions as regards the offers submitted by the appellant and the Associated Agencies, Ltd. The Associated Agencies had only bid Rs. 40,000. The matter came before Chandrasekhara Ayyar, J., on 12th November when he approved of the date fixed for the submission of tenders. Having passed this order, the learned Judge adjourned ....

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.... AIR 1940 Mad. 42; 1939 M.W.N. 1115. The facts there were however very different. There the sale was by public auction and the advertisement stated that the highest bid would be accepted, subject to the confirmation of the Court. The respondent in that case bid Rs. 1,12,600 and the property was knocked down to him. When the sale was reported to Court for confirmation, the appellant said that he wa....

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.... a further offer in the circumstances, but we consider that the course taken in this case for the sale of property by Court should not be followed in future cases. If the Court decides that the sale shall be by tender, the advertisement should state that the highest tender will be accepted subject to the confirmation of the Court and where feasible a reserve price should be fixed. In other words, ....