https://www.taxtmi.com/caselaws?id=196170 The Supreme Court examined the validity of an auction process conducted by the Official Liquidator under the Companies Act, 1956. Properties were initially undervalued but sold for a higher price following court intervention, emphasizing judicial oversight for fair market value. The Court upheld the learned Company Judge's discretion to reject a lower offer in favor of a higher valuation, highlighting the importance of accurate property valuation. Criticizing a lack of judicial discipline, the Court ordered a fresh auction with an upset price of Rs. 10 crores and emphasized transparency and adherence to judicial orders in property liquidation auctions. en-us Tue, 28 Oct 2014 00:00:00 +0530 Thu, 24 Nov 2022 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196170 The Supreme Court examined the validity of an auction process conducted by the Official Liquidator under the Companies Act, 1956. Properties were initially undervalued but sold for a higher price following court intervention, emphasizing judicial oversight for fair market value. The Court upheld the learned Company Judge's discretion to reject a lower offer in favor of a higher valuation, highlighting the importance of accurate property valuation. Criticizing a lack of judicial discipline, the Court ordered a fresh auction with an upset price of Rs. 10 crores and emphasized transparency and adherence to judicial orders in property liquidation auctions. Case-Laws Companies Law Tue, 28 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196170