https://www.taxtmi.com/caselaws?id=112986 The Court recalled the order confirming the sale of property to respondent No. 2 and accepted the applicant's higher offer of Rs. 1.51 crores, directing the sale in favor of the applicant for the benefit of secured creditors and workers. The Court found the transaction incomplete as possession and sale deed formalities were pending, leading to the decision to cancel the sale confirmed in favor of respondent No. 2. The Official Liquidator was instructed to refund Rs. 1.27 crores to respondent No. 2 with interest, with a stay on implementation to allow for potential further review. en-us Tue, 27 Nov 2007 00:00:00 +0530 Fri, 19 Dec 2014 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112986 The Court recalled the order confirming the sale of property to respondent No. 2 and accepted the applicant's higher offer of Rs. 1.51 crores, directing the sale in favor of the applicant for the benefit of secured creditors and workers. The Court found the transaction incomplete as possession and sale deed formalities were pending, leading to the decision to cancel the sale confirmed in favor of respondent No. 2. The Official Liquidator was instructed to refund Rs. 1.27 crores to respondent No. 2 with interest, with a stay on implementation to allow for potential further review. Case-Laws Companies Law Tue, 27 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112986