JUDGMENT - SINHA D.D., J.:-Admit. Heard finally by consent of Shri Dharmadhikari, learned Counsel for the appellant, Miss Sharma, learned Counsel for the respondent No. 1, Shri Madnani, learned Counsel for the respondent No. 2, and Shri Bhangde, learned Counsel for the respondent No. 3.

2.Shri Dharmadhikari, learned Counsel for the appellant, states that M/s. Nav Bharat Trading Company had obtained a loan of Rs. 3,60,000/- in the year 1953 from the Laxmi Bank Ltd. Shri Gopaldas Mohta, grand-father of the appellant, was one of the Directors of the above referred company and he allegedly stood guarantor for the above mentioned loan. It is further alleged that shri Gopaldas Mohta had mortgaged two immovable properties known as "Mohta House" situated at Civil Lines, Nagpur and "Marble House" situated at Itwari, Nagpur. The aforesaid properties belong to M/s Gopaldasji Bulakidas Mohta, a HUF.

3.Learned Counsel Shri Dharmadhikari further states that respondent No. 1 had filed Official Liquidator's report No. 80/2002 in Company Petition No. 14/1960 stating therein that a sum of Rs. 2.5 crores approximately is to be received from Mohta family and details of the dues are given in the Official Liquidator's Report No. 11/1993. The respondent No. 1 has stated that Mohta House and Marble House are to be sold through paper advertisement by public auction. The appellant has filed an application praying for redemption of mortgage by scaling down the liability and also stated that dues from the mortgagor are not more then Rs. 40,000/- and appellant also prayed that he be allowed to redeem the mortgage and deposit the amount of Rs. 40,000/- and the title deeds of the mortgaged properties be re-conveyed.

4.It is submitted by learned Counsel Shri Dharmadhikari that Hon'ble Company Judge proceeded with the matter and passed order on the above mentioned Official Liquidator's Report on 4-7-2003 directing that the Mohta House and Marble House be said by public auction. The Hon'ble Company Judge fixed the upset price of the Mohta House at Rs. 6 crores and the Marble House at Rs. 4 crores. The appellant being aggrieved by the order passed by the Hon'ble Company Judge on the Official Liquidator's Report No. 80/2002 on 4-7-2003 and 18-7-2003 whereby sale of Mohta House and Marble House is directed, filed Company Appeal No. 7/2003 before this Court. This Court by order dated 19-8-2003 refused to entertain the above mentioned appeal on the ground that application of the appellant praying for permission to intervene is pending before the Hon'ble Company Judge and granted liberty to the appellant to approach the Hon'ble Company Judge by making an appropriate application and further observed that if such application is made, obviously the same would be considered in accordance with law.

5.It is contended by the learned Counsel for the appellant that after order dated 19-8-2003 was passed in the company appeal, appellant filed Company Application No. 127/2003 and raised the ground that liability of M/s. Nav Bharat Trading Company Ltd., is about Rs. 40,000/- and the Official Liquidator has not placed any material on record to substantiate the contention that liability of the Mohta family is Rs. 2.5 Crores. It is also stated in the said and third party interest is created in the said properties, appellant along with other family members will be put to irreperable loss and injury. It is further contended that the Hon'ble Company Judge without deciding Company Application No. 127/2003 proceeded to pass the impugned order dated 5-9-2003 and accepted the bid of respondent No. 2 and adjourned hearing of the company application filed by the appellant and directed Official Liquidator to file reply. Being aggrieved by the order dated 5-9-2003 passed by the Hon'ble Company Judge, the appellant has preferred the present appeal.

6.Learned Counsel Shri Dharmadhikari vehemently states that the application, which was filed by respondent No. 3 Shri Ghanshyamdas Mohta for redempt

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