Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 1993 (1) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1993 (1) TMI 242 - SC - Companies LawAuction sales at higher offer - Held that:- Appeal allowed. Keeping in view the interest of the company and the creditors and the' workmen to whom the sale proceeds would be applied, the company judge was right in exercising her discretion to reopen the auction and directing Mr. Shantilal Malik as well to make a higher offer than what was offered by the appellant. In every case it is not necessary that there should be fraud in conducting the sale, though on its proof the sale gets vitiated and it is one of the grounds to set aside the auction sale. Therefore, the discretion exercised by the learned single judge cannot be said to be unwarranted. Thus the Division Bench of the Calcutta High Court committed manifest illegality in interfering with the order of the learned single judge. The appeal is allowed. The order of the Division Bench is set aside.
|