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2015 (8) TMI 890 - SC - Companies LawSale of Assets – Repayment of loan – Validity of Auction proceeding - High Court dismissed appeal and review application of appellant company, filed against order confirming sale and handing over assets of appellant-company to respondent in lieu of repayment of loan amount – Held that:- Prima facie, it appeared that objections of appellant were not properly considered as objections were not heard on merit and auction sale was confirmed – Conduct of Official Liquidator in selling property at price of ₹ 45.45 lakhs without proper publicity through advertisement or fixing any reserve price for assets cannot be sustained in law, particularly, when predecessor Official Liquidator reported that property put in auction was of much higher valuation – Having considered illegality and irregularity committed in auction sale of property, entire process was vitiated – Company Judge also failed to exercise its judicial discretion to see that properties were sold at reasonable price – Therefore, impugned judgment passed by High Court hereby set aside – Official Liquidator directed to recover possession of properties and proceed with fresh auction in accordance with procedure established by law – Decided in favour of Appellant.
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