JUDGMENT

Shah, J.-These appeals are filed against the judgment and order dated 11.8.1998 passed by the Division Bench of the High Court of Calcutta in GA No. 344 of 1988 in Appeal (ACO) No. 16 of 1998 whereby the sale of the assets and properties of the Tirupati Woolen Mills Limited ("Tirupati Mills" for short) (under liquidation) confirmed on July 2, 1998 in favour of the appellant-Divya Manufacturing Co. ("Divya" for short) had been recalled and set aside on the application of respondent No. 7, Sharma Chemical Works (For short "Sharma") and respondent No. 8, Jay Prestressed Products Ltd. ("Jay" for short) herein.

2. In 1972, Tirupati Mills was incorporated to manufacture Carpet yarn at Sonepat (Haryana). On 30.5.88, a financial institution filed a reference to the BIFR and it was declared as sick industrial company. On 27.1.1994, BIFR proposed winding up of the Company. On 21.4.95, the High Court of Calcutta ordered winding up of the company and directed official liquidator to take charge of the company. On 5.7.1997, Tirupati Woolen Mills Shramik Sangharsha Samity ("Samity" for short) - respondent No. 3 entered into an agreement with appellant-Divya whereby Divya agreed to run