Judgment ( 1. ) MR. K. B. S. Nair, learned Counsel for the Bank of India, Santa Bazar, Indore. ( 2. ) OFFICIAL Liquidator Mr. Arvind Shukla is also present in person. ( 3. ) ON 11th March, 2003 this Court while entertaining the reference received from the office of BIFR under Section 20 (2) of the SICA, directed issuance of notice to the Official Liquidator in terms of rules and for passing of final winding-up orders. ( 4. ) PURSUANT thereto the O. L. has appeared before the Court today. In terms of the rule, the O. L. is authorised to take possession of the assets/properties of the company by name M/s. SUL India Limited, at Industrial Area, shujalpur, Company in liquidation. Necessary steps be taken in this regard by the O. L. and it be reported to this Court by the next date of hearing. ( 5. ) THIS is an application made by Bank of India--one of the secured creditors of the company in liquidation. By this application a prayer is made for setting aside of auction said to have been conducted by the Commercial Tax Department for sale of the properties of the company in liquidation without obtaining leave from this Court as contemplated under Section 446 read with Section 537 of the Companies Act. It is also complained that alleged sale made at the instance of Commercial Tax Department, subsequent to the order passed by this Court i. e. on 11. 3. 2003 by admitting this C. P. was in flagrent breach of Companies Act and also without making any publicity of the sale. It is further complained that the properties sold at a much less value than they are actually worth. ( 6. ) A prayer is made to stay the proceedings for finalisation of the sale including issuance of sale certificate and delivery of possession of the companies assets to the intending buyers until further orders. ( 7. ) TAKING into account the allegations made in this application and also the order which this Court has passed on 11. 3. 2003 and also keeping in view the relevant provisions of the Companies Act, it is directed that until further orders the Commercial Tax Department is hereby restrained from issuing sale certificate and possession of the assets/properties of companies in liquidation to the intending buyers namely M/s. Santosh Enterprises, Palanpur, Gujarat through its Prop. 3. 2003 and also keeping in view the relevant provisions of the Companies Act, it is directed that until further orders the Commercial Tax Department is hereby restrained from issuing sale certificate and possession of the assets/properties of companies in liquidation to the intending buyers namely M/s. Santosh Enterprises, Palanpur, Gujarat through its Prop. Jagmal Bhai or/and to any person/agent on his behalf or claiming through him. ( 8. ) LET notice be issued of this application LA. 937/2003 together with its Annexure to Commercial Tax Department, Shujalpur through Commercial Tax Officer, Shujalpur as also to M/s. Santosh Enterprises, Palanpur, Gujarat. Prop. Jagmalbhai. P. P. be paid within three days. Notice be made returnable by next date of hearing. ( 9. ) A copy of this application together with Annexures be also given to O. L. to enable him to file reply. List the matter for passing appropriate orders on 4. 4. 2003