S. Siri Jagan, J.

Report No. 88 dated 08/09/2005 is filed by the Official Liquidator, seeking orders for confirmation of the sale of 6.5 cents of land in Sy No. 403/5 in Ernakulam Village in Kanayannur Taluk, belonging to the former managing director of the Company in liquidation, which was directed to be attached and sold by this Court, conducted by the Official Liquidator, as per order dated 31/03/2005 passed by this Court in the winding up proceedings in the above Company Petition, as also for execution of sale deed in favour of the highest bidder after accepting the balance sale consideration. Company A. No. 539 of 2005 is filed by a person, who allegedly entered into an agreement for sale in respect of the same property with the former Managing Director of the company in liquidation and who has obtained a decree for specific performance of the sale agreement, in OS No. 197 of 2005 of the Additional Subordinate Judge's Court, Ernakulam, for an order setting aside the sale conducted by the Official Liquidator, in respect of the said property. CA No. 435 of 2006 is filed by the same person who filed OS No. 197/2005 for accepting a copy of the agreement of sale on record as evidence in Comp. A. No. 539/2005, in which this Court passed order dated 29/11/2006 withdrawing the decree in the suit and the entire proceedings before the Additional Sub Court, to this Court. MCA No. 112/2008 is filed by the Official Liquidator, to review/set aside the said decree passed by the Additional Sub Court, Ernakulam, in OS No. 197/2005 on the grounds that, the same has been obtained without impleading the Official Liquidator or without obtaining leave of this Court and that the same is vitiated by fraud, collusion and misrepresentation of the plaintiff in that suit and the former Managing Director of the company, the defendant in the said suit, who remained ex parte in the suit. Comp. A. No. 620/2008 is filed on behalf of M/s. Kanoos Business India (P) Ltd., the highest bidder for the property in the auction conducted by the Official Liquidator, seeking confirmation of the sale, acceptance of the balance purchase price and execution of the sale deed in his name. Since these cases are closely interconnected and decision in one would dispose of the other also, they were heard together and are being disposed of together.

2. In his report, the Official Liquidator contends that as permitted by this Court in order dated 31/03/2005, in Report No. 82, he invited tenders for sale of the property, pursuant to which he received six sealed tenders details of which are given in Annexure A. The highest offer is by M/s. Kanoos Business India (P) Ltd. for a sum of Rs. 70,00,584/- and the second highest offer is Rs. 42,51,121/-. He further submits that the approved valuer, through whom he conducted a valuation, has valued the property at Rs. 68,25,000/-. He avers that the reasonability of the offer has been discussed with the President of the Depositors Association of the Company in liquidation and he opined that the highest offer now received is reasonable. He therefore prays that orders may be passed for confirmation of the sale in favour of M/s. Kanoos Business India (P) Ltd., Rukhiya Bagh, Ravipuram Road, Kochi-16 and for execution of the sale deed in favour of the purchaser or his nominee/nominees, after accepting the balance sale consideration.

3. The ex-managing director of the company in liquidation, Sri. Bobby Varghese, has filed objections to the report, claiming that the property does not belong to the company in liquidation and is his personal property, which cannot be sold in the winding up proceedings as an asset of the company in liquidation. According to him, the property originally belonged to his late father, M.U. Varkey as per sale deed No. 144 of 1982 and on his death, the same devolved by succession on Sri. Bobby Varghese, as per the terms of Will dated 05/03/1996 registered as No. 29/1996. He submits that the company in liquidation wa