https://www.taxtmi.com/caselaws?id=103215 The Supreme Court addressed the validity of a concluded sale and subsequent re-auction in the winding-up proceedings of India Electric Works Ltd. The court emphasized the importance of maintaining openness and preventing underbidding or fraud in conducting auctions. The upset price for the fresh auction was set at Rs. 1.50 crores. The terms and conditions of the sale allowed for modifications by the court, with the sale deed's execution pending appeal outcome. The court directed the handling of the deposited amount of Rs. 1.10 crores by the appellant for the auction process. Each party bore their own costs in the proceedings. en-us Mon, 20 Sep 1993 00:00:00 +0530 Mon, 09 Sep 2013 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103215 The Supreme Court addressed the validity of a concluded sale and subsequent re-auction in the winding-up proceedings of India Electric Works Ltd. The court emphasized the importance of maintaining openness and preventing underbidding or fraud in conducting auctions. The upset price for the fresh auction was set at Rs. 1.50 crores. The terms and conditions of the sale allowed for modifications by the court, with the sale deed's execution pending appeal outcome. The court directed the handling of the deposited amount of Rs. 1.10 crores by the appellant for the auction process. Each party bore their own costs in the proceedings. Case-Laws Companies Law Mon, 20 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103215