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2007 (1) TMI 253 - SC - Companies LawWhether the auction sale should be confirmed or not? Held that:- Appeal allowed. In the peculiar facts and circumstances of this case, it is difficult to accept the submission of the learned counsel for the respondents that the bid was accepted finally, but only possession was to be taken by the purchasers at their own risk. The acceptance of the bid herein was subject to order of this Court which, in our opinion, thus, by reason of the order of the Special Court or otherwise did not result in a concluded contract. The deposit was to be made within sixty days from the date of grant of sanction which would mean final acceptance of the bid, which was to depend upon the ultimate order which was to be passed by this Court. Matter is remitted to the learned Judge, Special Court for consideration of the matter afresh in the light of the observations made hereinbefore.
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