https://www.taxtmi.com/caselaws?id=283089 A financial corporation's sale of a secured asset under Section 29 must be transparent, fair and reasonably designed to secure the best price, consistent with Article 14. The court found the process vitiated because material terms were not properly disclosed, the negotiation committee finalised the deal before the stated period expired, and the petitioner's timely offer was wrongly ignored. The resulting sale in favour of a third party, and the later transfer, were held unsustainable because they flowed from the same tainted process; the transferees could acquire no better title in view of lis pendens under Section 52 of the Transfer of Property Act. The sale process was struck down and the petitioner's offer was to be reconsidered afresh. en-us Thu, 24 Mar 2005 00:00:00 +0530 Fri, 06 Sep 2019 14:58:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283089 A financial corporation's sale of a secured asset under Section 29 must be transparent, fair and reasonably designed to secure the best price, consistent with Article 14. The court found the process vitiated because material terms were not properly disclosed, the negotiation committee finalised the deal before the stated period expired, and the petitioner's timely offer was wrongly ignored. The resulting sale in favour of a third party, and the later transfer, were held unsustainable because they flowed from the same tainted process; the transferees could acquire no better title in view of lis pendens under Section 52 of the Transfer of Property Act. The sale process was struck down and the petitioner's offer was to be reconsidered afresh. Case-Laws VAT and Sales Tax Thu, 24 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283089