M. Chockalingam, J.

This appeal challenges an order of the learned Single Judge of this Court made in Company Application No.1208 of 2002 an application seeking a direction to the respondents to execute and register a sale deed in respect of the petition mentioned property pending the winding up proceedings in C.P.No.179 of 2001 in respect of Kothari Orient Finance Limited.

2.The appellant/petitioner bank made an application under Sec.446(2)(b) of the Companies Act seeking the said direction with the averments that Kothari Orient Finance Limited was a constituent of the petitioner, which was provided with certain facilities during the year 1992; that the liability became irregular; that the company owed to the petitioner a sum of Rs.60,55,055/- as on 33. 1999; that the company approached the petitioner for one time settlement and offered the property in question in respect of which execution of sale deed is sought for at the market value; that the petitioner was constrained under the circumstances to enter into an agreement for sale dated 12. 2000; that the consideration was fixed at Rs.105 lakhs; that a sum of Rs.41 lakhs was paid by the petitioner as advance at the tim