https://www.taxtmi.com/caselaws?id=196165 A Company Court may invoke inherent powers to recall confirmation of an auction sale where a material valuation factor was overlooked and the accepted bid appeared grossly inadequate, especially when a later higher offer and the asset's development potential indicated that the company's property had not been secured at the best market price. The court also held that an impleadment application dismissed without a merits-based determination could not stand and required fresh consideration. The article therefore highlights judicial control over company asset sales, the duty to protect market value in auction proceedings, and the need for a substantive decision on party-joinder requests. 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 A Company Court may invoke inherent powers to recall confirmation of an auction sale where a material valuation factor was overlooked and the accepted bid appeared grossly inadequate, especially when a later higher offer and the asset's development potential indicated that the company's property had not been secured at the best market price. The court also held that an impleadment application dismissed without a merits-based determination could not stand and required fresh consideration. The article therefore highlights judicial control over company asset sales, the duty to protect market value in auction proceedings, and the need for a substantive decision on party-joinder requests. Case-Laws Indian Laws Thu, 04 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196165