V.RAMASWAMI,J.

(1) HESE appeals are brought by certificate from the judgment of the Andhra Pradesh High court dated 24/09/1965 in O.S.A. Nos. 3 and 4 of 1965

(2) IN the winding up proceedings of Hyderabad Vegetable Products Co., Ltd. (in-liquidation) the 5th respondent (Official Liquidator) sought permission of the court for the sale of immovable and movable properties and actionable claims of the Company. This application was Company Application No. 67 of 1963. A shareholder of the Company one Sirajuddin Babu Khan also made an application C.A. No. 93 of 1964 to a similar effect. On these applications an order was passed by Jagan Mohan Reddi,J., on 17/04/1964 appointing Respondents 2, 3 and 4 as Joint Commissioners for the purpose of selling immovable and movable properties and actionable claims of the aforesaid Company in accordance with the terms and conditions mentioned in the order. Accordingly a sale proclamation 1/08/1964 was drawn and issued by the respondents 2 to 4 inviting offers for the purchase of movable and immovable properties and actionable claims of the Company as a single unit. According to the terms and conditions of sale the Commissioners were not bound to accept the highest offer and were at liberty to reject any offer without assigning any reason. Immediately after the offer was accepted by the Commissioners the offerer had to deposit 15% of the offer amount as initial deposit and the balance of the amount together with the amount required on non-judicial stamp paper within 15 days from the date of acceptance. Acceptance of the offer by the Commissioners was subject to the condition of confirmation by the High court and the offerer was entitled to take delivery of possession of the properties only after such confirmation. It was made abundantly clear in Clause 16 that in all matters relating to the sale of the properties the decision of the Commissioners shall be final and shall be binding subject to the control of the High court. One of the conditions also was that the proclamation of sale was to be advertised twice in each of the five leading dailies : The Statesman, The Times of India, The Hindu, the Indian Express and the Hindustan Times to ensure wide publicity and the Commissioners were also required to get the proclamation printed and distributed along the likely purchasers. The Commissioners got published the proclamation in four leading dailies only : the Hindu, the Indian Express, The Statesman and the Hindustan Times. No publication was made in the Times of India nor was all the advertisement made twice in any of the said newspapers. In two of them there were two insertions but in the remaining papers there was only one insertion. In addition to the advertisement the Commissioners got printed 300 copies and posted them to various industrial concerns. The last date fixed for the receipt of the offers was 8/09/1964. Not even a single offer was received by that time. The time for receipt of offers was extended by the court to the end of November, 1964 at the instance of the Commissioners. The appellant Navalkha & Sons happened to be the sole offerer. It has offered a sum of Rs. 7,91,001.00 which was made of Rs. 2,50,000.00 for the immovable property and Rs. 5,41,001.00 for the machinery. It made no offer for the actionable claims. The appellant made deposit of Rs. 50,000.00 in the shape of demand draft drawn on the State Bank of Hyderabad. The offer was accepted by the Commissioners on 2/12/1964. The appellant was called upon to deposit 15% of the amount of the offer as initial deposit immediately and the balance together with the amount required for non-judicial stamp paper within 15 days from the date of acceptance. The appellant did make the initial deposit. The Commissioners then made an application on December 3, 1964 to the High court for confirmation of the sale. On 11/12/1964 the High court extended time for payment of the balance amount for two weeks. On 24/12