JUDGMENT : 1. By an order dated March 24, 2017, three lots of land were sold by the company court. The poor offers received by the company court were recorded in the initial paragraph of the relevant order: “A lone offer for Rs.10 lakhs is made for lot no. 1. According to the valuation report, the value is over Rs.40 lakhs. Mrs. Sikdar submits that the sale of the property has been advertised more than once but no other offer is available. Similar is the case with lot no. 2, save and except that the valuation here is a little under Rs.2 lakhs. The offer received is for Rs.1,50,000/-. The position with regard to the lot no.3 is no different. The offer amount is Rs.22 lakhs whereas the property is valued at approximately Rs.28 lakhs.” 2. Thus, an offer of Rs.10 lakh or thereabouts came to be accepted for a property valued at Rs.40 lakh merely because one of the appearing parties submitted that advertisements had been published more than once and no better offer for the property had been received. For the second lot, the best offer received was Rs.1.5 lakh though the valuation thereof was Rs.2 lakh. 3. For reasons best known to the company court, the paltry offer received at probably a quarter of the valuation of the land covered by lot 1 was accepted by the company court. Ordinarily, such low offers are not received, though the valuation is not always matched by offers made in Court. In the present case, the combined offer of Rs.11.50 lakh for lots 1 and 2 may have prompted the company Court to conclude the sale in favour of such lands. 4. Now, there is an offer of Rs.45 lakh for the lands covered by lot 1 and lot 2. As would be evident from the order impugned, the combined valuation of lot 1 and lot 2 lands is perceived to be Rs.42 lakh. 5. A third lot of land was also sold by the order impugned but since there has been no grievance in respect thereof, such aspect of the matter is left untouched. 6. As would be evident from the order impugned, the combined valuation of lot 1 and lot 2 lands is perceived to be Rs.42 lakh. 5. A third lot of land was also sold by the order impugned but since there has been no grievance in respect thereof, such aspect of the matter is left untouched. 6. As far as lot 1 and lot 2 is concerned, the purchaser who has paid Rs.11.50 lakh there for has been given a chance to improve on the present highest offer of Rs.45 lakh for the lot 1 and lot 2 lands that have been collectively valued at Rs.42 lakh. However, the purchaser is not in a position to offer any higher price. 7. Accordingly, the sale of the lands covered by lot 1 and lot 2 by the order dated March 24, 2017 stands set aside and the sale of all the land covered by lot 1 and lot 2 is confirmed in favour of Utpal Hazra and Dr. Asamanja Hazra at a total consideration of Rs.45 lakh, subject to the entire amount being paid to the official liquidator in course of this week. 8. It is made clear that a sum of Rs.20 lakh has already been deposited by the successful purchaser with the official liquidator. The balance amount should be paid by the successful purchaser for conveyance in respect thereof to be executed by the official liquidator. 9. It is recorded that this order is made since no conveyance had been executed in favour of the purchaser who was successful in obtaining the lands covered by lots 1 and 2. This order is also made since the company Court presiding over the liquidation of a company owes an obligation to all creditors of such company in liquidation, particularly, its preferential creditors, and a duty to ensure that the highest value is fetched for the assets of the company so that the creditors of the company may be paid off there from. 10. The order dated March 24, 2017 insofar as it provided for lots 1 and 2 lands to be sold in favour of Debashish Das is set aside and such lands will now be sold to Utpal Hazra and Dr. 10. The order dated March 24, 2017 insofar as it provided for lots 1 and 2 lands to be sold in favour of Debashish Das is set aside and such lands will now be sold to Utpal Hazra and Dr. Asamanja Hazra at a total consideration of Rs.45 lakh, out of which Rs.20 lakh already remains deposited and the balance Rs.25 lakh will be paid by way of a banker’s cheque or like instrument in course of this working week. 11. The official liquidator will immediately take possession of the lands covered by lots 1 and 2 from Debashish Das. The official liquidator will be entitled to seek and obtain police assistance for such purpose and the Superintendent of Police exercising jurisdiction over the area will render all assistance to the official liquidator or his representative in such regard. Till such time that the entirety of the lands covered by lot 1 and lot 2 are made over by or on behalf of Debashish Das to the official liquidator, no part of the consideration paid by Debashish Das will be refunded to Debashish Das. However, upon possession being made over and an appropriate document being executed by Debashish Das in favour of the official liquidator, the money paid by Debashish Das should be returned within three days of such possession being obtained. 12. It is made clear that in the event the balance consideration is not paid by the present successful purchasers within the time indicated, the possession of the property will not be made over by the official liquidator to the purchasers identified by today’s order, but such possession will be retained by the official liquidator. 13. APO No. 400 of 2017 along with ACO No. 92 of 2017 and ACO No. 93 of 2017 stand disposed of without any order as to costs.