Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 1963 (1) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1963 (1) TMI 40 - SC - Companies LawCorrectness and legality of an order by a Division Bench of the Calcutta High Court refusing to confirm a sale by the liquidators of the assets of a company which is being wound up questioned Held that:- If the sale of which confirmation was sought was characterised by any deviation from the conditions subject to which the sale was directed to be held or even otherwise was for a gross undervalue in the sense that very much more could reasonably be expected to be obtained if the sale were properly held in view of the figure of ₹ 3,37,000 which had been bid by Nandlal Agarwalla, it would be the duty of the court to refuse the confirmation in the interests of the general body of creditors and this was the submission made by the first respondent. There were thus two points of view presented to the court by two contending parties or interests and the court was called upon to decide between them. And the decision vitally affected the rights of the parties to property. In this view we are clearly of the opinion that the order of the court was in the circumstances, a judicial order and not an administrative one and was, therefore, not inherently incapable of being brought up in appeal. Appeal dismissed.
|