https://www.taxtmi.com/caselaws?id=111577 A lessee of land belonging to a company in liquidation has no preferential right to purchase the property on a capitalised value fixed by the Court. The land remained part of the assets under the control of the Official Liquidator after the winding-up order, and the assets had to be realised for the benefit of creditors and contributories. The property was therefore required to be sold through open auction, with the applicant permitted to participate and the market value to be redetermined for that purpose. The lessee was not entitled to secure transfer outside the auction process. en-us Fri, 26 May 2006 00:00:00 +0530 Tue, 24 Apr 2012 11:46:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111577 A lessee of land belonging to a company in liquidation has no preferential right to purchase the property on a capitalised value fixed by the Court. The land remained part of the assets under the control of the Official Liquidator after the winding-up order, and the assets had to be realised for the benefit of creditors and contributories. The property was therefore required to be sold through open auction, with the applicant permitted to participate and the market value to be redetermined for that purpose. The lessee was not entitled to secure transfer outside the auction process. Case-Laws Companies Law Fri, 26 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111577