( 1 ) M/s. Elson Cotton Mills Ltd. is in liquidation. The Official Liquidator, in consonance with the mandate of the provisions of the companies Act, took possession of the assets of the Company. Sinha various creditors, secured as well as unsecured, and also workers are to be paid their dues which the company (in liquidation) owes, steps are taken by the official Liquidator to dispose of the assets so that proceeds thereof are utilised for payment to the persons falling in the aforesaid categories.

( 2 ) IT was in furtherance of these steps that two plots of the company were auctioned on 29th M , 2003 for Rs. 7 crores and the bid was confirmed. M/s. JCB India Ltd. was the successful bidder and it has paid the entire consideration. However, the auction purchaser has not taken the possession of the assets so far. It may be noted that the auction purchaser have filed ca No. 721/2003 wherein it was stated that there were certain trespassers who have encroached upon the premises in question and prayer made was that the amount of Rs. 1. 75 crores which was deposited by the auction purchaser by that time be invested in fixed deposit, which prayer was granted. On July 23,