Alok Sharma, J.

1. The matter comes up on an application on behalf of M/s. S.S. Promoters Private Limited under Rule 9 of the Companies (Court) Rules, 1959 (hereinafter 'the Rules of 1959') praying that the offer of one M/s. Orient Cable India Private Limited in a sum of Rs. 8,67,11,000/- for the purchase of the immovable property of the company in liquidation, Karnav Leather Chemicals Limited of which it is a first charge holder along with Canara Bank be allowed to be accepted by the Official Liquidator without resort to public auction.

2. The facts of the case are that one Karnav Leather Chemicals Limited was wound by this Court on 14.11.2014 in S.B. Company Petition No. 29/2003. Prior thereto on 23.01.2004 the provisional liquidator was appointed by this Court on an application under Section 450 of the Companies Act, 1956. He thereupon under authorization from the Court, took possession of the properties of M/s. Karnav Leather Chemicals Limited on 17.02.2004 including plot No. A-145-J, RIICO Industrial Area, Bhiwadi Distt. Alwar admeasuring 11,207 sq mtrs (in short 'the immovable property'). Following the Court's vide order dated 21.11.2014 passed in S.B. Company Applicatio