Satheesachandran, J.

The 2nd judgment-debtor in E.P.No.615 of 2000 in O.S.No.440 of 1998 in Sub Court, Ernakulam, is the appellant. His application for setting aside the sale of the property of the 1st judgment-debtor, a Private Limited Company, in which he was the erstwhile Managing Director and at present continuing as a shareholder as vitiated by fraud and material irregularity was negatived by the learned Sub Judge, and hence the appeal.

2. The decree-holder brought to sale the property of the 1st judgment-debtor-Company to realise a sum of Rs.2,30,00,000/-, the sum due under the decree with interest and costs. The liability outstanding against the company under two other decrees, O.S.No.677/04 and O.S.No.678/04 was also included in the proclamation and thus, the upset price was shown as Rs.4,35,00,000/-. The 2nd judgment-debtor had contended that the centage value of the property was Rs.25 lakhs and the Advocate Commissioner deputed by the court had fixed that value as between Rs.40 to 50 lakhs. Proclamation issued for sale incorporated the above valuation of the property also. The property having an extent of 43.6 cents in Marine Drive lying to the west of Shanmugh