JUDGMENT :

D.A. Mehta, J.

This appeal has been preferred against order dated 27.11.2007 made by the Company court in Company Application No.504 of 2007 whereby original Respondent No.4 in Official Liquidator's Report No.143 of 2007 was permitted to make a higher bid for the property of Global Arya Industries Ltd. (hereinafter to be referred to as 'the Company in liquidation'), whose properties had already been put to auction by the Company Court and sale confirmed in favour of the appellant herein.

2. The facts briefly stated : the properties of the Company in liquidation were valued at a sum of Rs. 64,00,000/-as per report of the valuer and the highest offer received by the Sale Committee was of Rs. 67,00,000/-. Thereafter, the appellant herein along with others was permitted to make a higher offer by paying late entry charges. It is an accepted position that Respondent No.1 herein was also a party to the auction proceedings which took place in Court on 30.08.2007 and the Court recorded the respective highest bids made by four parties, who participated in the auction proceedings. The said details read as under :

The Court thereafter noted that the bid of the appellant at a figure of Rs. 127 lacs was not only the highest offer but was more than double the sum offered before the Sale Committee and the secured creditor, Gujarat Industrial Investment Corporation, urged the Court to accept the offer made by the appellant. Therefore, the Company Court accepted the offer holding that the same was the highest bid and thereafter directed the Official Liquidator to execute the sale deeds and also issued directions to return the Earnest Money Deposit of the other participants.

3. After this order of 30.08.2007 Respondent No.1 herein approached the Official Liquidator by way of communication dated 19.09.2007 where under it was stated thus:

"However due to the absence of our Senior Partner who is main decision maker, we had not then raised the offer further and hence decided now to further increase our offer to Rs. 141 Lacs.

Your good self is requested to kindly consider our revised offer for Rs. 141 lacs for the auction price of the above properties related to A/c. Global Arya Industries Ltd.

Further in case of inter-se bidding, please inform us to enable us to participate & revise further our offer thereof."

4. Pursuant thereto Respondent No.1 herein moved Company Application No.450 of 2007 which came to be rejected by this Court on 11.10.2007 by recording as under:

"4. Since the applicant herein who was one of the participant, raised the offer only upto Rs. 125 Lakhs and the highest offer of one Bipin Lathia for Rs. 127 Lakhs was accepted. It is only by way of an afterthought, the applicant has come out with the present application stating that the applicant is desirous to purchase the property by offering the amount of Rs. 141 Lakhs.

5. In normal circumstances, once the sale is confirmed, unless, any extraordinary circumstances are brought to the notice of this Court either that of suppression or a huge difference in the price, Court would not disturb the confirmation of the sale. Still however, with a view to test the bonafide on the part of the applicant, it was put to Mr. Mehta as to whether his client is ready to deposit Rs. 1.41 Crores at a time. However, Mr. Mehta, upon the instruction of his client has shown inability of the applicant to deposit such amount.

6. Under these circumstances, the present application is lacking bonafide. Further, if the attempt to disturb or upset the sale are leniently viewed, the sanctity of the Court's order would be lost and the people or one of the offerer on extraneous circumstances, may move such matters though there