JUDGMENT : 1. The appeal is against an order dated August 18, 2017 by which the movable assets of the company (in liquidation) were sold at a pathetic price of Rs.14.50 lakh without any reference to the valuation report that the official liquidator had obtained and without any justification as to why the sale had to be conducted at a fraction of the valuation as indicated in the report obtained by the official liquidator. 2. When the appeal was received on October 30, 2017, the successful purchaser before the company Court had increased the offer from Rs.14.5 lakh to Rs.25 lakh. The order of October 30, 2017, also recorded that 14 other purchasers had shown interest and the highest of such others had put in a bid of Rs.23 lakh. 3. After noticing the valuation report dated February 12, 2017, but without indicating the exact quantum indicated therein, the appeal was adjourned by only observing that the bidders had to substantially improve on the bids before the movables could be sold. 4. There are four serious bidders in Court today. Bajrang Trading Company, a partnership firm of B. D. Pandey and Rajesh Jaiswal, makes a bid of Rs.40 lakh for all the movables of the company (in liquidation) being sold. S. N. Traders, a proprietorship firm of one Shiv Kumar Jaiswal, bids Rs.35.40 lakh. Rampalat Sitaram, a partnership firm, bids Rs.35 lakh and Taraknath Iron and Steel Company, another partnership concern and the highest purchaser in the company Court, has increased its bid to Rs.33 lakh. 5. Taraknath has deposited the entire amount of Rs.14.50 lakh with the official liquidator. Bajrang has deposited Rs.4.60 lakh by way of security deposit. S.N Traders has put in Rs.4 lakh and Rampalat has deposited Rs.3 lakh. 6. The banker’s cheques or demand drafts or like instruments furnished by the four bidders should immediately be encashed, if not already done. 7. The sale of the movables is confirmed in favour of Bajrang Trading Company at a consideration of Rs.40 lakh, subject to the balance consideration being paid within seven days from today. The sale is confirmed at such price since the appellant, which is a secured creditor of the company (in liquidation), agrees to the sale at such price. 7. The sale of the movables is confirmed in favour of Bajrang Trading Company at a consideration of Rs.40 lakh, subject to the balance consideration being paid within seven days from today. The sale is confirmed at such price since the appellant, which is a secured creditor of the company (in liquidation), agrees to the sale at such price. Further, it appears from the description of the machinery and equipment in the valuer’s report of February 12, 2017 that some of the machinery may only be sold at scrap value and the individual prices indicated appear to be slightly exaggerated. 8. In the event Bajrang fails to put in the balance consideration money within the time indicated, the sale of the movables will stand confirmed in favour of S. N. Traders at Rs.35.40 lakh, subject again to S. N. Traders putting in the balance consideration within seven days of the receipt of a notice from the official liquidator in such regard. 9. In the event Bajrang fails to make the balance payment within the time indicated, the earnest deposit furnished will stand forfeited without any reference to Court and Bajrang will have no right to reclaim it. Similarly, if upon Bajrang’s failure the official liquidator calls upon S. N. Traders to complete the purchase, the earnest deposit furnished by S. N. Traders will stand forfeited unless the balance consideration is paid within a week of the receipt of the official liquidator’s notice. 10. In the unlikely event that both Bajrang and S. N. Traders fail to abide by their commitment, the sale will stand confirmed in favour of Rampalat at a consideration of Rs.35 lakh, subject again to the balance consideration being made over to the official liquidator within seven days of the receipt of the notice from the official liquidator. 11. Upon the balance consideration being received from the appropriate person, the sale certificate will be issued by the official liquidator within seven days there from and the purchaser permitted to carry away the movables. It is only after the entire consideration is received from the appropriate purchaser that the earnest deposits furnished by the other bidders will be refunded without the defaulting bidder being entitled to any refund. 12. It is only after the entire consideration is received from the appropriate purchaser that the earnest deposits furnished by the other bidders will be refunded without the defaulting bidder being entitled to any refund. 12. APO No.433 of 2017 and ACO No.96 of 2017 are disposed of by setting aside the order impugned dated August 18, 2017 and replacing the same with the directions as to sale as contained hereinabove. There will be no order as to costs.