https://www.taxtmi.com/caselaws?id=110005 A State Financial Corporation's sale of secured assets under section 29 was upheld where the process was transparent, aimed at securing the best price, and conducted without statutory violation, mala fides, or manifest unreasonableness. Judicial review under article 226 does not permit the High Court to act as an appellate authority over the Corporation's commercial choice of sale method, and public auction is not the only permissible mode; tender or negotiation may also be used. On the facts, the Corporation had advertised the sale, continued efforts over time, and gave the borrower an opportunity to match the purchaser's offer, but the borrower did not comply within time. The High Court's direction to redo the sale process was therefore set aside. en-us Wed, 30 Mar 2005 00:00:00 +0530 Thu, 30 Jun 2016 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110005 A State Financial Corporation's sale of secured assets under section 29 was upheld where the process was transparent, aimed at securing the best price, and conducted without statutory violation, mala fides, or manifest unreasonableness. Judicial review under article 226 does not permit the High Court to act as an appellate authority over the Corporation's commercial choice of sale method, and public auction is not the only permissible mode; tender or negotiation may also be used. On the facts, the Corporation had advertised the sale, continued efforts over time, and gave the borrower an opportunity to match the purchaser's offer, but the borrower did not comply within time. The High Court's direction to redo the sale process was therefore set aside. Case-Laws Companies Law Wed, 30 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110005