https://www.taxtmi.com/caselaws?id=215002 A company court should not refuse to confirm a public auction sale where the sale was conducted with wide publicity and inter se bidding, the highest bid exceeded the fair market value and later valuation, and no secured creditor, official liquidator or rival bidder objected that a better price could be obtained. In those circumstances, the court must have a reasonable basis for treating the bid as inadequate; an unexplained refusal without recorded reasons is contrary to settled principles governing court-conducted auctions. The refusal to confirm the sale was therefore unjustified, and confirmation in favour of the highest bidder was warranted. en-us Wed, 30 Mar 2011 00:00:00 +0530 Wed, 06 Feb 2013 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215002 A company court should not refuse to confirm a public auction sale where the sale was conducted with wide publicity and inter se bidding, the highest bid exceeded the fair market value and later valuation, and no secured creditor, official liquidator or rival bidder objected that a better price could be obtained. In those circumstances, the court must have a reasonable basis for treating the bid as inadequate; an unexplained refusal without recorded reasons is contrary to settled principles governing court-conducted auctions. The refusal to confirm the sale was therefore unjustified, and confirmation in favour of the highest bidder was warranted. Case-Laws Companies Law Wed, 30 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215002