1.Leave granted.

2. In winding-up proceedings of India Electric Works Ltd., the learned Company Judge, Calcutta High Court brought one of its assets, Plot No. 13A, Block 4, Asaf Ali Road, New Delhi to sale. The learned Company Judge rejected the offers made in the tenders and in the open auction it fetched Rs 45 lakhs. Ultimately when the matter was brought to this Court, by our order dated 4-4-1993 we allowed the appeal and directed to sell the plot by open auction between the appellant and Satpal Malik, the second respondent and we fixed the upset price at Rs 45 lakhs. In the second auction the appellant became the highest bidder for Rs 1.10 crores. On appeal by the respondent, the Division Bench, while upholding the auction, directed the learned Company Judge to reconsider the matter and to conduct auction afresh. Against the order dated 26-5-1993 this appeal by special leave has been filed.

3. Shri G. Ramaswamy, learned Senior Counsel for the appellant contended that as per the directions of this Court and the conditions imposed by the learned Company Judge, the appellant had deposited Rs 1.10 crores on the same day and in terms thereof the appellant had already obtained a regi