https://www.taxtmi.com/caselaws?id=196598 A liquidation sale must comply strictly with the court-prescribed procedure under Rule 273, including clear identification of the assets, proper public auction or sealed tender process, and supervision by the official liquidator. Where the sale notification is vague, omits a material participant, and is not conducted in the required manner, confirmation of sale is unsustainable. The company's sale can extend only to its transferable interest; leasehold rights beyond the company's own interest and movable assets not properly notified cannot be validly sold without following the statutory procedure under the State Financial Corporations Act, 1951. The confirmation order was set aside and the matter remitted for a fresh sale in accordance with law. en-us Fri, 19 Dec 2008 00:00:00 +0530 Fri, 08 Dec 2017 14:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196598 A liquidation sale must comply strictly with the court-prescribed procedure under Rule 273, including clear identification of the assets, proper public auction or sealed tender process, and supervision by the official liquidator. Where the sale notification is vague, omits a material participant, and is not conducted in the required manner, confirmation of sale is unsustainable. The company's sale can extend only to its transferable interest; leasehold rights beyond the company's own interest and movable assets not properly notified cannot be validly sold without following the statutory procedure under the State Financial Corporations Act, 1951. The confirmation order was set aside and the matter remitted for a fresh sale in accordance with law. Case-Laws Companies Law Fri, 19 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196598