Judgement

BHAGWATI J. - These are two appeals filed with certificates under Art. 133 (1) of the Constitution against the Judgement and Order of the High Court of Judicature at Bombay setting aside the order passed by the District Judge, Ahmedabad.

2. The National Mills Company Limited, Ahmedabad, hereinafter referred to as the National Mills, was ordered to be compulsorily wound up by an order of the Joint Judge, Ahmedabad, dated 14-3-1950 and Trikamlal J., Patel, Manvantray T. Mehta (since deceased) and Krishnalal B. Dave were appointed liquidators of the Nationlal Mills. The liquidators invited sealed tenders for the purchase of the mills land, bungalow, warehouses, etc., and the Himabhail Manufacturing Company, Limited Ahmedabaad, hereinafter referred to as the Himabhai Company, submitted their tender on 15-9-1953 offering to purchase the same.

The said offer was sanctioned by the Court on 22-9-1953 and an agreement was entered into between the liquidators and the Himabhai Company for the sale of the properties therein Mentioned for a consideration of Rs 12,68,000. Rs. 3,00,000 were to be paid in cash and the balance in 1936 sharees of the Himabhai Company which were taken to be of