JUDGMENT :

K.M. Thaker, J.

The present appeal is taken out under Section 483 of the Companies Act, 1956 and is directed against the order dated September 21, 2010 (Jay-Kanan Build Con P. Ltd. v. Official Liquidator, Omex Investors Ltd. (in liquidation) (No. 1) (2011) 164 Comp Cas 23 (Guj)) (hereafter referred to as the "order in question") passed in exercise of original jurisdiction in the company application. By the order impugned in the present appeal, the court has directed the Registrar to initiate proceedings against the appellant-applicant-company and also against its director Mr. K.G. Bhatia, for perjury. The court has also directed the official liquidator to issue notice under section 138 of the Negotiable Instruments Act, 1881 and to file criminal complaint, if so required, against the appellant-applicant-company as well as its director. Besides the aforesaid directions, the court has also directed the official liquidator not to entertain or accept any offer by the appellant-applicant-company and/or its director in future for purchase of property through court auction and also to issue advertisement to the said effect in English daily newspaper Indian Express and Gujarati daily newspaper Divya Bhaskar (Ahmedabad editions).

2. Aggrieved by the said directions, the appellant-applicant-company has filed the present appeal.

3. So as to appreciate the relief prayed for by the appellant and the directions, aggrieved by which the original applicant-company has preferred the present appeal, it is relevant to travel through the factual background. The facts which emerge from the records are as follows.

4. From the records, it appears that Company Applications Nos. 97 of 2010 and 191 of 2010 were pending at the relevant time. It appears that the said two applications, viz., Company Applications Nos. 97 of 2010 and 191 of 2010 have been filed by the respective applicants for submitting the "scheme for revival" of the company in liquidation, for consideration by the court.

5. From the records it transpires that the court, therefore, considered it appropriate and in the interest of the company in liquidation to take into account the offer made by the present appellant. The events which occurred after the appellant made such offer for the first time and the chronology of the said events are relevant and need to be taken into account for appreciating the factual background and the reasons on account of which, the orders in question came to be passed by the court.

6. It appears that the said two applications were listed for hearing on August 10, 2010. During the hearing, the court noted that the applicant of the said two applications had offered the scheme for revival with an eye on the immovable properties particularly the aforesaid parcels of land of the company in liquidation.

7. Therefore, the court inquired from the official liquidator about the valuation. In response to which, the court was informed that the valuer had valued the three plots approximately at Rs. 125 crores.

8. Having regard to the said information given by the official liquidator, the court passed the following order :

"2. After hearing counsels to some extent, the court is of the view that though the schemes are proposed by the applicants in both these applications, the applicants are more or less interested in purchasing the land. Hence, the court inquired from the official liquidator as to what would be the market value of the land in question. The official liquidator on instruction received from the valuer stated that the present market value of the land in question would be approximately Rs. 125 crores. If any of the applicants in these two applications are ready and willing to deposit Rs. 125 crores with the court, they would be permitted to proceed with the schemes. In this connection Mr.Shah seeks time to take necessary instruction in the matter.

3. Hence, the matters are adjourned to August 13, 2010."

9. The hearing of the application was adjourned to August 13, 2