https://www.taxtmi.com/caselaws?id=113824 Confirmed auction sales of secured assets will not be set aside without proof of fraud, collusion or material irregularity. Sale validity is supported where an approved valuer assesses the assets, the reserve price reflects that valuation, public notice receives wide circulation, and the auction occurs with the official liquidator's involvement. Workmen's pari passu rights must be protected under the statutory distribution scheme through provision for labour dues and an appropriate undertaking. On these facts, allegations of inadequate valuation, insufficient publicity and irregularity lacked concrete supporting material, so the auction sale remained valid. en-us Wed, 03 Mar 2010 00:00:00 +0530 Tue, 14 Oct 2014 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113824 Confirmed auction sales of secured assets will not be set aside without proof of fraud, collusion or material irregularity. Sale validity is supported where an approved valuer assesses the assets, the reserve price reflects that valuation, public notice receives wide circulation, and the auction occurs with the official liquidator's involvement. Workmen's pari passu rights must be protected under the statutory distribution scheme through provision for labour dues and an appropriate undertaking. On these facts, allegations of inadequate valuation, insufficient publicity and irregularity lacked concrete supporting material, so the auction sale remained valid. Case-Laws Companies Law Wed, 03 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113824