1. On 6th August, 2008, we passed the following order:-

"The Official Liquidator issued a sale notice initially on 3rd December, 2007, pursuant to the order of the Company Judge inviting offers for sale of movable/immovable assets and properties of the factory unit belonging to M/s Pyrites Phosphate & Chemicals Ltd. (in liquidation) situated at Amjoore, District-Rohtas. The sale notice sets out the assets and properties of the Company (movable/immovable) described in Schedule-I and Schedule-II and also upset price and earnest money. We deem it proper to reproduce the sale notice dated 3rd December, 2007 as it is:-

SALE NOTICE

1. Pursuant to the Orders of the Honble Company Judge, High Court, Patna, Offers on the Prescribed Tender Form are invited for sale of Scheduled below movabie/immovable assets & properties of the Factory Unit belonging to the company in liquidation situated at

Amjhore, Distt.-Rohtas, State of Bihar. The motto of sale is strictly on "as is where is and whatever there is" basis.

Schedule-1 -Factory Building, Plant Sheds, Plant & Machineries related with Phosphate Fertilizer Plant, Lab Equipments, Furniture & Fixtures, Stores, Tube-wells, Motor Vehicles, Loose scraps tems etc. lying and situated within the compound wall of Plant.

Schedule-2.-Non-Residential Buildings, Residential Buildings, alongwith land (free-hold) admeasuring to Acres 318.2675 whereupon the said buildings are constructed and the Factory Unit is installed. Other Eventualities.-Upset price & Earnest Money Deposit for the above

scheduled property:-

Schedule-1 - Rs. 13.00 Crores & Rs. 50.00 Lacs

Schedule-2- Rs. 08.00 Crores & Rs. 40.00 Lacs

Whole (Schedule-1 + 2) Rs. 21.00 Crores & Rs. 90.00 Lacs

Tender Forms can be obtained on payment of Rs. 1,000/- either in cash or demand drafts and assets and properties can be inspected at the Factory Site on 27.12.2007.

Offers may be submitted either for any one or for both of the Scheduled properties as a whole. The Sealed tenders should reach the under signed on or before 1.1.2008 upto 6.00 p.m. The

sealed tenders will be opened on 3.1.2008 at 10.30 a.m. before the Honble Company Judge.

The Terms and Conditions of Sale can be downloaded from our website:www.olhcpatna.com.

Place : Patna Sd/-

Dated-3.12.2007 (G.C. Yadav)

Tel. No. 0612-221002 Official Liquidator,

High Court, Patna Mouryalok Complex,

4th floor, B1-A Dak Bunglow Road, Patna-800 001.

2. It is pertinent to notice that pursuant to the sale notice dated

3.12.2007, three offerers viz., M/s

Fantassy Ventures, M/s Jhunjhunwala

Vanaspati Ltd. and M/s Rajendra Ispat

put in their offers.

3. On 15th February, 2008, these

three offerers were present before the

Company Judge. M/s Fantassy Ventures

(respondent no. 2) on that date

revised its offer to Rs. 13.75 crores. The

Company Judge accepted the same being

highest bid on that date although

conditionally with a direction to the Official

Liquidator to issue a fresh sale

notice for both Schedule-I and Schedule-II

properties fixing 7th March, 2008 as

the date of sale. In his order dated 15th

February, 2008, the Company Judge

made it clear that if some better offer is

not received on 7th March, 2008, then

the sale shall be confirmed in favour of

M/s Fantassy Ventures at Rs. 13.75

crores. The Company Judge ordered return

of security deposited to other two

offerers, namely, M/s. Rajendra Ispat

and M/s Jhunjhunwala Vanaspati Ltd.

(present appellant). These two offerers

were, however, given liberty to submit

fresh offer on 7th March, 2008.

4. Pursuant to the order dated 15th

February, 2008, the Official Liquidator

issued a fresh sale notice dated 20th

February, 2008. We deem it proper to

reproduce the said notice as it is:-

"SALE NOTICE

"Pursuant to the Orders of the

Honble High Court, Patna dated

15.2.2008 Offers are invited from the

intending purchasers on prescribed Tender

Form in sealed cover in one Lot as

a whole, for the sale of land (free-hold)

admeasuring to A