( 1 ) THE Company by the name of K. L. Thirani and Company Limited (in liquidation) (hereinafter referred to as "the Company" was directed to be wound-up.

( 2 ) PURSUANT thereto the Official Liquidator of this Court took possession of the assets and properties of the Company. In terms of an order dated 3rd december, 1999, the Official Liquidator published a sale notice inviting offers for the assets and properties of the Company as a 'going concern' or on 'as is where is basis'.

( 3 ) THE petitioner gave its offer for purchasing the property, and the company Court took a bid amongst intending offerers and accepted the offer given by the petitioner and confirmed the sale in its favour by an order dated 31st March, 2000.

( 4 ) THE said order clearly records that the Company was sold to the petitioner as a 'going concern' together with all liabilities of the workmen of the Company including the Provident Fund dues.

( 5 ) THE petitioner was also directed to pay the salary of the security guards deployed at the factory premises.

( 6 ) IT is submitted on behalf of the petitioner pursuant to in terms of an order the petitioner duly paid the entire purchase price of Rs. 7