https://www.taxtmi.com/caselaws?id=109275 A secured creditor may continue with the sale of a company's assets after admission of a winding-up petition and appointment of a Provisional Liquidator, so long as no winding-up order has been passed and the creditor's rights under section 29 of the State Financial Corporations Act remain relevant. In a Court-supervised sale, the best available bid may be considered for acceptance where bids were invited openly and the company was given repeated chances to improve the offer. For valuation, an approved valuer's report was preferred over book-based figures prepared by non-approved chartered accountants. The company was given one final opportunity to produce a firm superior offer, failing which the existing highest bid could be accepted. en-us Sat, 17 Jul 2004 00:00:00 +0530 Sat, 07 Apr 2012 12:45:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109275 A secured creditor may continue with the sale of a company's assets after admission of a winding-up petition and appointment of a Provisional Liquidator, so long as no winding-up order has been passed and the creditor's rights under section 29 of the State Financial Corporations Act remain relevant. In a Court-supervised sale, the best available bid may be considered for acceptance where bids were invited openly and the company was given repeated chances to improve the offer. For valuation, an approved valuer's report was preferred over book-based figures prepared by non-approved chartered accountants. The company was given one final opportunity to produce a firm superior offer, failing which the existing highest bid could be accepted. Case-Laws Companies Law Sat, 17 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109275