https://www.taxtmi.com/caselaws?id=111580 A lessee of land owned by a company in liquidation does not have a preferential right to purchase the property or obtain transfer of reversionary rights. The liquidation court must protect the interests of creditors and contributories, and the asset should ordinarily be realised through open auction so that market value is obtained and all interested persons may compete. Before auction, the property's market value should be redetermined to support a fair sale process. Direct transfer on a fixed capitalised value is therefore inappropriate in this context. en-us Fri, 26 May 2006 00:00:00 +0530 Tue, 24 Apr 2012 11:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111580 A lessee of land owned by a company in liquidation does not have a preferential right to purchase the property or obtain transfer of reversionary rights. The liquidation court must protect the interests of creditors and contributories, and the asset should ordinarily be realised through open auction so that market value is obtained and all interested persons may compete. Before auction, the property's market value should be redetermined to support a fair sale process. Direct transfer on a fixed capitalised value is therefore inappropriate in this context. Case-Laws Companies Law Fri, 26 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111580