Just a moment...

Top
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 Case Laws - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
  • Title Only
  • Head Notes
  • Citation
Party Name: ?
Party name / Appeal No.
Law:
---- All Laws----
  • ---- All Laws----
  • GST
  • Income Tax
  • Benami Property
  • Customs
  • Corporate Laws
  • Securities / SEBI
  • Insolvency & Bankruptcy
  • FEMA
  • Law of Competition
  • PMLA
  • Service Tax
  • Central Excise
  • CST, VAT & Sales Tax
  • Wealth tax
  • Indian Laws
Courts: ?
Select Court or Tribunal
---- All Courts ----
  • ---- All Courts ----
  • Supreme Court - All
  • Supreme Court
  • SC Orders / Highlights
  • High Court
  • Appellate Tribunal
  • Tribunal
  • Appellate authority for Advance Ruling
  • Advance Ruling Authority
  • National Financial Reporting Authority
  • Competition Commission of India
  • ANTI-PROFITEERING AUTHORITY
  • Commission
  • Central Government
  • Board
  • DISTRICT/ SESSIONS Court
  • Commissioner / Appellate Authority
  • Other
Situ: ?
State Name or City name of the Court
Landmark: ?
Where case is referred in other cases
---- All Cases ----
  • ---- All Cases ----
  • Referred in >= 3 Cases
  • Referred in >= 4 Cases
  • Referred in >= 5 Cases
  • Referred in >= 10 Cases
  • Referred in >= 15 Cases
  • Referred in >= 25 Cases
  • Referred in >= 50 Cases
  • Referred in >= 100 Cases
From Date: ?
Date of order
To Date:
TMI Citation:
Year
  • Year
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1962
  • 1961
  • 1960
  • 1959
  • 1958
  • 1957
  • 1956
  • 1955
  • 1954
  • 1953
  • 1952
  • 1951
  • 1950
  • 1949
  • 1948
  • 1947
  • 1946
  • 1945
  • 1944
  • 1943
  • 1942
  • 1941
  • 1940
  • 1939
  • 1938
  • 1937
  • 1936
  • 1935
  • 1934
  • 1933
  • 1932
  • 1931
  • 1930
Volume
  • Volume
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
TMI
Example : 2024 (6) TMI 204
By Case ID:

When case Id is present, search is done only for this

Sort By: ?
Even if Sort by Date is selected, exact match will be shown on the top.
RelevanceDate
    No Records Found
    ❯❯
    MaximizeMaximizeMaximize
    0 / 200
    Expand Note
    Add to Folder

    No Folders have been created

      +

      Are you sure you want to delete "My most important" ?

      NOTE:

      Case Laws
      Showing Results for :
      Reset Filters
      Results Found:
      AI TextQuick Glance by AIHeadnote
      No Records Found

      Case Laws

      Back

      All Case Laws

      Showing Results for :
      Reset Filters
      Showing
      Records
      ExpandCollapse
        No Records Found

        Case Laws

        Back

        All Case Laws

        Showing Results for : Reset Filters
        Case ID :

        📋
        Contents
        Note

        Note

        Note

        Bookmark

        print

        Print

        Login to TaxTMI
        Verification Pending

        The Email Id has not been verified. Click on the link we have sent on

        Didn't receive the mail? Resend Mail

        Don't have an account? Register Here

        Court upholds sale under Rule 9, denies cancellation. Stay granted for appeal.

        Akshar Corpn. Versus OL. of Vivekanand Mills Ltd.

        Akshar Corpn. Versus OL. of Vivekanand Mills Ltd. - [2005] 59 SCL 680 (GUJ.) Issues Involved:
        1. Review or recall of previous court orders.
        2. Maintainability of the application for review.
        3. Adequacy of the price offered for the property in question.
        4. Impact of delay and subsequent developments on the application.
        5. Legal principles regarding auction and contract.

        Detailed Analysis:

        1. Review or Recall of Previous Court Orders:
        M/s. Akshar Corporation sought to review or recall the orders dated 26th December 2003 and 17th January 2004, which confirmed the sale of land of M/s. Vivekanand Mills Ltd. (in liquidation) for Rs. 2 crores to M/s. Khemaji Jodhaji & Brothers. The applicant offered Rs. 2.20 crores, Rs. 20 lakhs more than the confirmed bid.

        2. Maintainability of the Application for Review:
        The respondent argued that the application was not maintainable under Order 47, Rule 9 of the Code of Civil Procedure (CPC), which bars review of an order made on a review application. They contended that the applicant was not an "aggrieved party" and that the contract had already been executed, with third-party interests created. The applicant countered that the application was not a review under Order 47, Rule 1 of the CPC but rather under Rule 9 of the Companies (Court) Rules, 1959, which allows the court to exercise inherent powers. The court agreed with the applicant, stating that the application was maintainable under Rule 9 of the Companies (Court) Rules, which is analogous to Section 151 of the CPC.

        3. Adequacy of the Price Offered for the Property in Question:
        The court reviewed the history of attempts to sell the property, noting that several efforts had failed due to lack of satisfactory offers. The property was valued at Rs. 2.50 crores, and the respondent's offer of Rs. 2 crores, along with the liability for municipal taxes, was deemed fair and reasonable. The court emphasized that the primary duty was to ensure the property fetched the highest possible price, but mere higher offers after confirmation did not automatically warrant reopening the auction.

        4. Impact of Delay and Subsequent Developments on the Application:
        The court noted that the applicant filed the application in February 2004, after the respondent had already taken possession of the property and incurred significant expenses. The court found that the delay and subsequent developments, including payment of municipal taxes and creation of third-party rights, made it impractical to cancel the contract.

        5. Legal Principles Regarding Auction and Contract:
        The court highlighted the principles of contract law, emphasizing the sanctity of contracts and the need for judicial discretion in confirming sales. The court referred to several Supreme Court judgments, stating that the court must ensure the property is sold at a reasonable price but also respect the finality of confirmed sales unless there is evidence of fraud or procedural irregularity.

        Conclusion:
        The court concluded that the application was maintainable under Rule 9 of the Companies (Court) Rules but found no grounds to set aside the confirmed sale. The price offered by the respondent was deemed adequate, and the subsequent developments, including third-party rights, made it impractical to cancel the contract. The application was rejected, and the court granted a stay on the implementation of the order until October 14, 2004, to allow the applicant to approach a higher forum.

        Topics

        ActsIncome Tax
        No Records Found