https://www.taxtmi.com/caselaws?id=103150 Notice to the petitioning creditor was required before confirmation of a liquidation sale of company property, because court confirmation is a statutory condition precedent to completion of the sale. Rule 139 of the Companies (Court) Rules, 1959 was construed broadly in light of audi alteram partem and the need to protect the company's assets and creditors' interests, so the interested creditor had to be heard at the confirmation stage. A sale confirmation obtained without that notice was treated as vitiated. Equitable arguments, including alleged fairness of price and proprietary estoppel, could not cure non-compliance with mandatory procedure or override statute. en-us Thu, 18 Jun 1992 00:00:00 +0530 Tue, 21 Feb 2012 10:45:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103150 Notice to the petitioning creditor was required before confirmation of a liquidation sale of company property, because court confirmation is a statutory condition precedent to completion of the sale. Rule 139 of the Companies (Court) Rules, 1959 was construed broadly in light of audi alteram partem and the need to protect the company's assets and creditors' interests, so the interested creditor had to be heard at the confirmation stage. A sale confirmation obtained without that notice was treated as vitiated. Equitable arguments, including alleged fairness of price and proprietary estoppel, could not cure non-compliance with mandatory procedure or override statute. Case-Laws Companies Law Thu, 18 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103150