| Content Provider | Supreme Court of India |
|---|---|
| e-ISSN | 30484839 |
| Language | English |
| Access Restriction | NDLI |
| Subject Keyword | Company law: Sale of assets of company - Public auction |
| Content Type | Text |
| Resource Type | Law Judgement |
| Jurisdiction | India |
| Case Type | Appeal |
| Court | Supreme Court of India |
| Disposal Nature | Appeal Allowed |
| Headnote | Company law: Sale of assets of company - Publicauction - Stay application by company on the ground that itsassets were worth Rs. 7 crores and public auction was beingheld without fixing the minimum reserve price after issuingauction sale notice only once - Company judge refused tointerfere with the auction and directed the company to raisethe objections at the time of confirmation of safe - In auction,respondent no.3 purchased assets for Rs. 45. 55 lakhs- HighCourt held that counsel representing shareholders of the,company had no objections and confirmed the sale -Company's appeal dismissed on the ground that Counselhad not made any objections at the time of confirmation ofsafe - On appeal, held: Sale at a price of Rs. 45.45 lakhswithout proper publicity through advertisement or fixing anyreserve price for the assets cannot be sustained in law,particularly, when the predecessor Official Liquidator reportedthat the property put in auction is of much higher valuation -Having considered the illegality and irregularity committedin the auction sale of the property, the entire process wasvitiated. |
| Judge | Hon'ble Mr. Justice M.Y. Eqbal |
| Neutral Citation | 2015 INSC 562 |
| Petitioner | M/s. Tech Invest India (pvt.) Ltd. Thr. Major Shareholder Rajiv Gosain |
| Respondent | M/s. Assam Power & Electricals Ltd. And Others |
| SCR | [2015] 9 S.C.R. 970 |
| Judgement Date | 2015-08-11 |
| Case Number | 6055-6056 |
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