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2005 (3) TMI 479 - SC - Companies LawAuction sale - appointment of custodian - Held that:- Appeal dismissed. A public notice for holding auction of the property in the present case was issued by the Custodian on the 10th day of March, 2005 and last date appointed for receiving the bids is 31st March 2005. A copy of the public notice was produced for the perusal of the Court. Thus it is deem not proper, in the facts and circumstances of the present case, to interfere midway and alter the course of the sale proceedings which are already nearing the accomplishment shortly. Needless to say, before the bids are finalized and the Court accepts any bid, the appellants herein would have the opportunity of hearing and, if the Court feels convinced that the property has not fetched the best or the expected reasonable price then the Court is not powerless to reject all the bids and order auction afresh, subject to such directions as it may choose to make as to the manner of holding and conducting the sale and the person who would do it under the directions of the Court.
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