( 1 ) THIS Company Application is filed in Company Petition No. 25 of 1985 which had been filed for winding up M/s. Nandi Hasbi Textile Mills Ltd. , which is now under liquidation. This Court by an order made on 26-10-1994 passed in O. S. A. No. 17/ 1993 directed the official Liquidator to advertise for sale of the mill of the said company comprising of 25 spindles, about 13 acres of free hold land and buildings with a layout of 10,10,000 Sq. ft. and plant and machinery on 'as is where is basis' : The sale of the said assets were offered subject to certain terms and conditions. The most important of them being conditions 3, 5, 6 and 7 which are extracted below :"xx xx3 That the offer should be accompanied with a bank draft of Rs. 5,00,000 drawn in favour of the Official Liquidator Karnataka Bangalore, payable at :bangalore, as earnest money deposit. The EMD will be adjusted towards the bid amount in case of successful bidder. 4 xx xx5 That the successful bidder shall have to deposit 25% of the bid money within 7 days from the date of acceptance of the bid by the official liquidator and the balance 75% within 30 days from the date of confirmation of sale by the Hon