JUDGMENT

P. Sathasivam, J.-Leave granted.

2. This appeal is directed against the final judgment and order dated 04.11.2010 passed by the High Court of Orissa at Cuttack in Writ Appeal No. 237 of 2010 whereby the Division Bench while affirming the order dated 05.08.2010 passed by the learned single Judge dismissed the appeal filed by the appellants herein.

3. Brief Facts:

(a) In the year 2007, pursuant to the order of the Company Judge, High Court of Orissa, in Companies Act Case No. 25 of 2005, the Official Liquidator, made an advertisement for sale of movable and immovable assets and properties of the Factory Unit of M/s Konark Paper & Industries Limited which was in liquidation on “as is where is and whatever there is” basis.

(b) The sale was confirmed in favour of respondent No.1 – M/s Raghunath Paper Mills Pvt. Ltd., being the highest bidder, and the possession of the Unit was handed over on 28.03.2008. Since there was no power supply, respondent No.1 made an application to the Chief Executive Officer, North Eastern Electricity Supply Company of Orissa Limited (in short “ the NESCO”) for restoration of the same. Respondent No. 1 also executed an agreement dated 27.03.2009 with