Law:

Section:

Auction---Company---Auction of assets of company by Official Assignee---Bid, in an auction is only an offer and without the confirmation of sale, it does not create any right in the property in favour of successful bidder and confirmation of sale cannot be claimed as of right. Afzal Mahmood Butt v. Banking Court No.2, Lahore PLD 2005 SC 470 fol. Noor Naz Agha. Junaid Farooqui, Choudhry Rasheed Ahmed, Zubair Qureshi, Faisal Kamal,Raja Muhammad Ibrahim Setti for Petitioners. ORDER MUHAMMAD MOOSA K. LEGHARI, J.-Vide this order Reference Nos.2 of 2005 and 3 of 2005 filed by the Official Assignee are being disposed of, as, directed by Honourable Supreme Court vide order, dated 15-2-2006 passed in Civil Appeal No.1071 of 2005. 2. Briefly stated the facts giving rise to filing of above said references are, that vide order, dated 4-6-2004 Messrs Sindh Alklis Limited Karachi was wound up by Company Bench of this Court and the Official Assignee was appointed as Official Liquidator of the said company. By another order dated 20-9-2004 the Official Liquidator was directed to sell all the assets of the company. 3. Accordingly auction proceedings were conducted and bids were offered. The highest bid of Rs.45,00 Crore was given by Messrs Ibrahim Shamsi and Abdullah Rafi. Ultimately the Official Assignee submitted Reference No.2/2005 on 22-3-2005 seeking orders for acceptance of the said bid of Rs.45.00 Crore. Said reference was placed in Court on 28-3-2005 on which orders were passed for issuing notices to the petitioners and secured creditors for 4-4-2005. The diary of 4-1-2005 reveals that the count was informed by (the then) Official Assignee and an A.V.P. of N.B.P. that there was a likelihood of improvement and that for the said purpose a meeting was going to be held in the office of Official Assignee. Vide this order the Official Assignee was directed to furnish a fresh reference on 11-4-2005 and the reference was directed to be taken up along with fresh reference. However, it seems that on 21-3-2005 a new development took place, a man by name Memon Abdul Qadir submitted to the Official Assignee an offer of Rs.460 Million. Having come to know about the said offer the…

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