https://www.taxtmi.com/caselaws?id=112752 A confirmed court sale of company units was not disturbed because the applicants failed to prove fraud, material irregularity, or resulting substantial injury, and their later higher offers without earnest money could not override the completed auction process. The sale had been conducted with wide publicity, valuation, inter se bidding, repeated default by the highest bidder, and acceptance of the second highest bid, followed by confirmation and partial conveyance. The Court also noted that a court-directed sale of company assets could validly take place during winding-up proceedings even before a final winding-up order. The applications were dismissed and the purchaser's title under the confirmed sale was upheld. en-us Tue, 06 Jan 2009 00:00:00 +0530 Thu, 20 Nov 2014 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112752 A confirmed court sale of company units was not disturbed because the applicants failed to prove fraud, material irregularity, or resulting substantial injury, and their later higher offers without earnest money could not override the completed auction process. The sale had been conducted with wide publicity, valuation, inter se bidding, repeated default by the highest bidder, and acceptance of the second highest bid, followed by confirmation and partial conveyance. The Court also noted that a court-directed sale of company assets could validly take place during winding-up proceedings even before a final winding-up order. The applications were dismissed and the purchaser's title under the confirmed sale was upheld. Case-Laws Companies Law Tue, 06 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112752