https://www.taxtmi.com/caselaws?id=198971 A secured creditor's sale of company assets conducted with prior leave of the Court, public advertisement, competitive bidding and valuation-based reserve pricing was treated as procedurally sound, and the absence of any better offer or material irregularity meant the sale was not disturbed. Objections by a former director to impleadment and to the sale process, including reliance on Rules 272 and 273 of the Companies (Court) Rules, 1959, were not accepted because the sale was not a court-directed auction by the Official Liquidator and the objector had no sufficient basis to interfere. The former director was allowed only limited participation in the proceedings, while the transaction in favour of the highest bidder was confirmed. en-us Mon, 29 Jan 2007 00:00:00 +0530 Thu, 15 Feb 2018 15:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198971 A secured creditor's sale of company assets conducted with prior leave of the Court, public advertisement, competitive bidding and valuation-based reserve pricing was treated as procedurally sound, and the absence of any better offer or material irregularity meant the sale was not disturbed. Objections by a former director to impleadment and to the sale process, including reliance on Rules 272 and 273 of the Companies (Court) Rules, 1959, were not accepted because the sale was not a court-directed auction by the Official Liquidator and the objector had no sufficient basis to interfere. The former director was allowed only limited participation in the proceedings, while the transaction in favour of the highest bidder was confirmed. Case-Laws Indian Laws Mon, 29 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198971