ORDER : Official Liquidator Report No.17 of 2017, and the Company Application No.18 of 2017, relate to the auction held by the Official Liquidator on 17-1-2017. Therefore, the Official Liquidator Report and the Company Application are being decided by this common order. 2. By order dated 5-3-2015, passed in Company Petition No.90 of 2008, this Court had directed the winding up of M/s. Vaigai Thread Processors Private Limited. By virtue of the said order, the Official Liquidator took over the assets of the company. Though O.L.R. No.4 of 2016, the Official Liquidator sought permission of this Court to expedite the sale of assets, and properties in two phases. It was proposed that in first phase, sale of plant and machineries, furniture and fixtures, equipments, vehicles, sheds and structures of temporary in nature would be carried out; in second phase, the land and buildings of permanent nature would be sold. By order dated 17-6-2016, passed in Official Liquidator Report No.62 of 2016, this Court had appointed a Valuer to carry out the valuation of the movable assets and properties. By order dated 18-11-2016, the report of the Valuer has been accepted by this Court. This Court not only accepted the Valuer’s report, but also permitted the Official Liquidator to auction all the movable and immovable assets of the company. Consequently, the Official Liquidator issued an advertisement while keeping the reserve price of assets as Rs.1.40 Crore. 3. The auction was held on 17-1-2017. According to the Official Liquidator, Mr. S. Kabeer, the proprietor of Sithara Traders had made the highest bid of Rs.3,66,66,666/-. Hence, the Official Liquidator Report No.17 of 2017 before this Court for seeking permission to confirm the sale proceedings of 18-1-2017. 4. On the other hand, Mr. P. Manikandan, who was one of the bidders at the auction, has filed a Company Application No.18 of 2017. The learned counsel for the applicant submits that due to oversight, the applicant could not make the highest bid. Due to over sight, the applicant made a bid of Rs.2,60,10,000/-. However, after realising the mistake made by him, he is willing to make a bid for Rs.3,75,00,000/-. Therefore, the applicant prays that his bid for the said amount should be accepted by this Court. 5. Heard the learned counsel for the parties. 6. Since Mr. P. Manikandan is offering a bid higher than was offered earlier by Mr. However, after realising the mistake made by him, he is willing to make a bid for Rs.3,75,00,000/-. Therefore, the applicant prays that his bid for the said amount should be accepted by this Court. 5. Heard the learned counsel for the parties. 6. Since Mr. P. Manikandan is offering a bid higher than was offered earlier by Mr. S. Kabeer, this Court is of the view that the bid offered by Mr. S. Kabeer for Rs.3,66,66,666/- should not be accepted. After all, an endeavor should be made to realise as high a price as possible for the assets of the company. Therefore, this Court is not inclined to confirm the auction sale proceedings dated 18-1-2017. 7. Nonetheless, this Court must be fair to Mr. S. Kabeer, since he was the highest bidder on 18-1-2017. In the said circumstances, it is also not possible for this Court to confirm the offer being made by Mr. P. Manikandan before this Court. 8. Therefore, this Court directs the Official Liquidator to reauction all the assets of the company, keeping the reserve price as Rs.3,66,66,666/-, and to give an opportunity to Mr. S. Kabeer and others, including Mr. P. Manikandan, to rebid for the assets of the company. Mr. P. Manikandan gives an undertaking to this Court that he shall participate in the auction being held by the Official Liquidator. In order to prove his bonafide, Mr. Manikandan has handed over a Demand Draft for Rs.30,00,000/- bearing No.000706, dated 2-1-2017, of ICICI Bank, M.G. Road Branch, Bengaluru, drawn in favour of the Official Liquidator, High Court of Karnataka, Bengaluru, to the Official Liquidator. 9. The Official Liquidator is directed to publish an advertisement within a period of one week in the English Daily Newspapers, i.e., The Economic Times, The Times of India, and Malayalam News Paper – Mathrubhumi, Kerala Edition. 10. The Official Liquidator is directed to hold and finalise the re-auction within a period of one month from the date of receipt of a certified copy of this order. Accordingly, the Official Liquidator Report No.17 of 2017 is dismissed and the Company Application No.18 of 2017 is disposed of.