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Issues: Whether the fresh auction initiated by the financial corporation was liable to be stayed or set aside for alleged non-compliance with the earlier order, and whether the applicant was entitled to have the earlier bid accepted and the sale confirmed in his favour.
Analysis: The earlier order permitting sale under Section 29 of the State Financial Corporations Act, 1951 had contemplated association of the Official Liquidator and safeguarding of workers' interests, but the decisive consideration remained whether the property would fetch the best possible price. Since only one bid had been received, there was no comparative market value available, and the corporation proceeded to issue a fresh auction notice to secure a better price. The applicant had not acquired an indefeasible right merely by submitting the highest offer, as confirmation of sale had not been reached. In the circumstances, the Court found no warrant to interrupt the ongoing auction, while ensuring that the auction proceed in accordance with the earlier directions and with participation of the Official Liquidator.
Conclusion: The request to quash the rejection of the bid and stay the fresh auction was declined, but the applicant was permitted to participate in the auction and the process was directed to proceed under the earlier conditions.
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