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2014 (10) TMI 958 - SC - Companies LawAuction for sale - properties owned by a company under liquidation and there has been price fixation by the Company Court - Held that: - There can be no speck of doubt that the properties of a company under liquidation when sold, there has to be a proper auction, a fair one. It must fetch the maximum price. It takes care of statutory dues, dues of the workmen and the creditors. It has its own public character. In any case, it cannot be allowed to be sold for a song. The estimated price given by Gitco is more than ₹ 66 crores for 113 plots, which are free. We direct M/s Star and Associates to deposit a sum of ₹ 20 crores by the end of November 2014 and another ₹ 40 crores by 15-3-2015 before the Registry of this Court - the rest of the plots in respect of which there is an order of status quo by this Court or which are sub judice before the appellate court on the company side before the High Court, needless to say, shall be dealt with at the subsequent date - SLP allowed in part.
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