https://www.taxtmi.com/caselaws?id=110386 Company Court conditions permitting a secured creditor to remain outside liquidation proceedings are mandatory and bind the creditor because the Court retains custody and control of the company's assets after winding up. The conditions protect workmen, creditors and the liquidation estate by ensuring supervised sale and the best obtainable price. Failure to file a valuer's report before sale is a serious breach but does not automatically void the auction. The Company Court retains discretion to refuse confirmation where the liquidation interests warrant it, including where valuation indicates that a fresh sale may obtain a higher price. The refusal to confirm the sale was upheld and the appeals failed. en-us Tue, 15 Feb 2005 00:00:00 +0530 Mon, 16 Apr 2012 15:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110386 Company Court conditions permitting a secured creditor to remain outside liquidation proceedings are mandatory and bind the creditor because the Court retains custody and control of the company's assets after winding up. The conditions protect workmen, creditors and the liquidation estate by ensuring supervised sale and the best obtainable price. Failure to file a valuer's report before sale is a serious breach but does not automatically void the auction. The Company Court retains discretion to refuse confirmation where the liquidation interests warrant it, including where valuation indicates that a fresh sale may obtain a higher price. The refusal to confirm the sale was upheld and the appeals failed. Case-Laws Companies Law Tue, 15 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110386