Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Auction - Company under liquidation - Auction of properly- Highest bid by the appellant-Acceptance of the bid by the company judge - Subsequently unsuccessful bidder sought revocation of said orderon the ground that the unsuccessful bidder was willing to offer higher price - High Court held that the Company judge's order accepting bid of the appellant-highest bidder was .vitiated as judge failed to take note of potential value of land and bid of the appellant was inadequate price to the said prop |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Auction - Company under liquidation - Auction ofproperly- Highest bid by the appellant-Acceptance of thebid by the company judge - Subsequently, unsuccessfulbidder sought revocation of said order on the ground that theunsuccessful bidder was willing to offer higher price - HighCourt held that the Company judge's order accepting bid ofthe appellant-highest bidder was .vitiated as judge failed totake note of potential value of land and bid of the appellantwas inadequate price to the said property- Justification of-Held: High Court was not justified in recalling the order -Highest bid of the appellant was accepted by the CompanyCourt and none of the stake-holders of the company inliquidation as also first respondent ever objected to the offerof acceptance - Rise in the value of the property in view ofthe subsequent development not a relevant consideration -Submission that there was no confirmation of sale in favourof the appellant but only acceptance of the highest bid, thus,the court could reject confirmation of the sale in view of thesubsequent developments cannot be accepted - Nosubsequent higher offer can constitute a valid ground forrefusing confirmation of the sale or offer already made -Furthermore, acceptance of payment of 25% of the saleconsideration by the official liquidator and the Company Courtwithout raising any objection for the same and withdrawal ofearnest money deposit by first respondent-unsuccessfulbidder without raising any objection regarding adequacy ofthe price offered by the appellant clearly indicate that thesale in favour of the appellant was confirmed by the said order- Subsequent event. |
Judge | Hon'ble Mr. Justice Jasti Chelameswar |
Neutral Citation | 2015 INSC 573 |
Petitioner | Vedicaprocon Private Limited |
Respondent | Balleshwar Greens Private Limited & Others |
SCR | [2015] 8 S.C.R. 1099 |
Judgement Date | 2015-08-13 |
Case Number | 6165 |
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