https://www.taxtmi.com/caselaws?id=103794 The court dismissed the application to set aside the sale of a company's assets to Naffar Chandra Jute Mills for Rs. 65 lakhs, confirming that there were no material irregularities affecting the sale process. Despite the sale price being lower than the valuation, the court found no nexus between undervalue and alleged irregularities or fraud. Secured creditors, including Allahabad Bank, were deemed to have had sufficient opportunity to participate and submit higher offers. The application was dismissed without costs, and all interim orders were vacated, allowing the official liquidator to retain his costs from the available funds. en-us Wed, 03 Jul 1996 00:00:00 +0530 Fri, 24 Feb 2012 16:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103794 The court dismissed the application to set aside the sale of a company's assets to Naffar Chandra Jute Mills for Rs. 65 lakhs, confirming that there were no material irregularities affecting the sale process. Despite the sale price being lower than the valuation, the court found no nexus between undervalue and alleged irregularities or fraud. Secured creditors, including Allahabad Bank, were deemed to have had sufficient opportunity to participate and submit higher offers. The application was dismissed without costs, and all interim orders were vacated, allowing the official liquidator to retain his costs from the available funds. Case-Laws Companies Law Wed, 03 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103794