Law: Companies Ordinance, 1984

Section: 333

Companies Ordinance (XLVII of 1984)---S. 333---Powers of Official Liquidator ---Scope---Official Liquidator has been vested with powers to sell the movable and immovable property and things in action of the company by public auction or private contract with power to transfer the whole thereof to any person or company or to sell the same in parcels---Such powers of the Official Liquidator are subject to the sanction either of the Court or of the Committee of Inspection as the case may be---Where the terms and conditions asking for bids published in different newspapers clearly indicated that offers of the sale of the assets etc. were subject to acceptance by the Court, and Court had not yet accepted the offer of the higher bidder, no right, held, could be said to have vested in the said bidder to enforce the sale in its favour---Court had complete discretion to sanction the sale or not---Such discretion of the Court was to be exercised judiciously having regard to the interest of the company and its creditors=--Directions of Court for fresh offer in the interest of company and creditors was thus in consonance of law. Section 333 of the Companies Ordinance, 1984 defines powers of the official liquidator. According to clause (f) thereof the official liquidator has been vested with powers: "to sell the movable and immovable property and things in action of the company by public auction or private contract, with power to transfer the whole whereof to any person or company or to sell the same in parcels." But such powers of the official liquidator are subject to the sanction either of the Court or of the Committee of inspection (as the case may be), as is further indicated by the said section. In the present case, no doubt, the offer of the appellant was the highest among the seven offers initially received by the official liquidators but admittedly the offers were subject to acceptance by the Court as was clearly indicated in the terms and conditions published in different newspapers whereby offers for sale of the assets etc. had been invited. Since the offer of the appellant was yet to be accepted, no right can be said to have vested in the appellant to enforce the…

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