Amitava Roy, J.

1. This appeal assails the judgment and order dated 13.4.2007, passed by the learned Company Judge in Company Petition No. 16/2006, Company Appeal No. 01/2006, M.C. No. 1256/2006, M.C. No. 2772/2006 and M.C. No. 2771/2006. The petitioner in Company Petition No. 16/2006, namely, the Board of Trustees for the Port of Kolkata also known as the Kolkata Port Trust, Calcutta is the appellant.

2. We have heard Mr. S.R. Chakraborty, senior advocate for the appellant, Mr. S. Datta, Advocate assisted by Mr. D. Chakraborty, Advocate for the Official Liquidator and Mr. S.K. Medhi, learned counsel for the petitioner in M.C. No. 1192/2010. Also heard Mr. J. Roy, advocate for M/s. Scrapt Traders, petitioner in M.C. No 1466/2010.

3. A prefatory recital of the facts in bare essential is an indispensable necessity impelled by the chequered backdrop of the lingering auction.

A plot of land measuring approximately 40460.456 square meters owned by the appellant herein ('the Port Trust') and located within the Haldia Dock Complex was leased out to one M/s. Him Containers Ltd. ('the Lessee') for a period of 30 years w.e.f. 22.12.1982 by a lease deed dated 2.5.1983. The lease inter ali