Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (9) TMI 560 - HIGH COURT OF GUJARATWinding-up - Custody of company’s properties - Held that:- The position in law is well settled that merely because subsequently a higher price is offered that by itself, without anything more, cannot be a ground for setting aside a confirmed auction sale. The present is not a case where it can be stated that either a fraud was committed when the Court was called upon to confirm the sale vide order dated 30-8-2007, or that there was no adequate publicity before the sale was conducted considering the fact that at least respondent No. 1 was a party to the bidding process along with two others and the appellant. Similarly, it is also not a case where one can say that in the facts and circumstances of the case the price realized was not adequate as explained by catena of decisions. In the circumstances, the impugned order dated 27-11-2007 cannot be permitted to operate and is quashed and set aside. The earlier order dated 30-8-2007 made in Official Liquidator’s Report No. 143 of 2007 stands revived and restored to file. The Official Liquidator is directed to complete the formalities for execution of sale within a period of 2 (two) weeks from today in favour of the appellant herein. The Official Liquidator is also directed to return the amount of respondent No. 1 within a period of 2 (two) weeks from today by an A/c. Payee Cheque in favour of respondent No. 1.
|