2003 (2) TMI 325

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....: The High Court by the impugned order while allowing the appeal filed by the appellant herein remanded the matter back to the Company Judge by setting aside the sale confirmed in favour of the first respondent for sale of the assets of the company in liquidation by initiating proceedings afresh. In this appeal, the appellant contents that its offer of Rs. 4.25 crores which was the highest and above the valuation price fixed for sale of the company's property ought to have been accepted instead of remanding the matter to the Company Judge. In the connected appeal the first respondent has challenged the order of the High Court on the ground that its offer was the best offer, when accepted, hence, there was no reason why the Appellate Bench ....

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....er had come up for further orders on earlier dates starting from 11-11-2002, noticing the fact that the value of the property was diminishing, we called upon the parties to offer their bids in this Court so that the matter could be settled once for all without further delay so as to safeguard the interests of the creditors to the extent possible. Though this matter was adjourned from time to time, expecting the respondent to make a better bid than what was made by the appellant, we are informed today that the said respondent is not willing to make any higher bid. On the contrary, he wanted to question the judgment of the High Court which has cancelled the confirmation of sale made in his favour. As noted above, the company was wound up as ....