https://www.taxtmi.com/caselaws?id=286391 A court-sanctioned private sale in winding-up proceedings requires proper notice to contributories and creditors, judicial scrutiny of value, and satisfaction that the price offered is the best reasonably obtainable. Where those safeguards are absent, the sanction is vulnerable to challenge and the safer course is sale by public auction. An order sanctioning such a sale is treated as a judicial order affecting stakeholder rights and may be appealed, with delay excused where the applicant acts promptly and in good faith. A purchaser who contracts subject to judicial sanction bears the risk of the sanction being set aside, and payments may be protected through refund from sale proceeds. en-us Wed, 11 Aug 1920 00:00:00 +0530 Mon, 24 Feb 2020 15:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286391 A court-sanctioned private sale in winding-up proceedings requires proper notice to contributories and creditors, judicial scrutiny of value, and satisfaction that the price offered is the best reasonably obtainable. Where those safeguards are absent, the sanction is vulnerable to challenge and the safer course is sale by public auction. An order sanctioning such a sale is treated as a judicial order affecting stakeholder rights and may be appealed, with delay excused where the applicant acts promptly and in good faith. A purchaser who contracts subject to judicial sanction bears the risk of the sanction being set aside, and payments may be protected through refund from sale proceeds. Case-Laws Indian Laws Wed, 11 Aug 1920 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286391