( 1 ) THIS matter involves a question of considerable public importance relating to the principle and procedure for the sale of the assets of a company in liquidation : Whether the only object of such sale is to fetch the maximum price or whether the court, at its discretion, having regard to the prevailing socio-economic questions, which are involved in a welfare State like India, should apply the law in a pragmatic manner having regard to the realities and interest of the public.

( 2 ) IN this case, admittedly, due to mismanagement and misappropriation by the ex-management, the company was ultimately wound up by an order dated 20th of November, 1978, and the official liquidator took possession of the assets, books, papers and documents of the company, on the application of a partnership firm, M/s. Tea Land, of which one of the ex-directors of the company is a partner, for winding-up on a claim of Rs. 68,000, being Company Petition No. 389 of 1976. After the said winding-up petition was admitted, the company made an application for a scheme and obtained stay of the winding-up proceedings but, ultimately, the said scheme application was dismissed by an