JUDGMENT

K. RAMASWAMY, J.- Special leave granted.

2. In the winding-up proceedings of India Electric Works Ltd. one of its assets, namely, an open land situated in Delhi was offered for sale by sealed tenders. The appellant and Mr Shantilal Malik, 22 Defence Colony Market, New Delhi and others submitted their tenders. At an open auction held on 31-7 -1992 from an offer of Rs 2,00,000, Mr Malik became the highest bidder for Rs 37,00,000. He was directed to deposit 25 per cent of the bid amount within two weeks and the remainder within 60 days. The learned Company Judge, Calcutta High Court posted the case to 14-8-1992 for further action. On 14-8-1992 the appellant offered a sum of Rs 38,00,000. The Company Judge after consideration allowed the petition of the appellant and directed to deposit 10 per cent of the bid by 17-8-1992 and balance 15 per cent to make up 25 per cent by 24-8-1992 and adjourned the case to 1-9-1992. Shantilal Malik, the second respondent also was given an opportunity to increase his offer. Feeling aggrieved against this order Shantilal Malik filed an appeal before the Division Bench. The Division Bench by the impugned judgment dated 15-9-1992 set aside the ord