https://www.taxtmi.com/caselaws?id=196165 Inherent powers permit a Company Court to recall an order confirming an auction where a material valuation factor, including development potential and likely FSI changes, was overlooked and the accepted bid was grossly inadequate. The recall and fresh-auction direction were upheld to protect the company's assets and secure the best market price. An impleadment application cannot be rejected merely by referring to an earlier rejected joining request without deciding whether the applicant is a necessary or proper party. The dismissal required fresh consideration on merits, while the auction re-sale direction remained intact. en-us Thu, 04 Dec 2014 00:00:00 +0530 Tue, 21 Nov 2017 08:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196165 Inherent powers permit a Company Court to recall an order confirming an auction where a material valuation factor, including development potential and likely FSI changes, was overlooked and the accepted bid was grossly inadequate. The recall and fresh-auction direction were upheld to protect the company's assets and secure the best market price. An impleadment application cannot be rejected merely by referring to an earlier rejected joining request without deciding whether the applicant is a necessary or proper party. The dismissal required fresh consideration on merits, while the auction re-sale direction remained intact. Case-Laws Indian Laws Thu, 04 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196165