Judgment

C.K. Thakker, J. —

1.Leave granted.

2.The present appeal is filed by the appellant against an Order passed by the Division Bench of the High Court of Punjab & Haryana on October 15, 2007 in Company Appeal No. 10 of 2006. By the said Order, the Division Bench of the High Court dismissed the appeal filed by the appellant-herein and confirmed the Order passed by the Company Judge on February 16, 2006 in Company Application No. 178 of 2005 in Company Petition No. 42 of 1999.

3.Few facts of the case are that La Medical Devices Ltd.-respondent No. 1 went into liquidation. Official Liquidator was appointed by the Court who is joined as Respondent No. 1 in the present proceedings. In view of the liquidation of the Company and dues to be paid by it, proceedings were initiated for sale of property of the Company. Sale notice was issued by the Company Court on October 19, 2004 which was published in various newspapers inviting sealed tenders for the sale of property of the Company situated at NOIDA (U.P.). Twelve bids were received which were opened on November 16, 2004. The bid of the appellant for Rs.1.47 crores for immovable as well as movable property was the highest. One of the cred