https://www.taxtmi.com/caselaws?id=437163 Sale of a sick industrial company's asset could not be sustained where the disposal process lacked valuation, the reserve price was not disclosed, and the prescribed auction conditions were breached. The successful bidder failed to provide the required bank guarantee and did not pay the consideration within time, so the confirmation of sale was invalid despite the purported auction. A later higher offer did not by itself displace a completed auction, but it supported the need for a fresh lawful process because the original sale was not conducted on a proper statutory footing. The restored rejection of the bid was upheld. en-us Thu, 27 Apr 2023 00:00:00 +0530 Sat, 29 Apr 2023 09:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437163 Sale of a sick industrial company's asset could not be sustained where the disposal process lacked valuation, the reserve price was not disclosed, and the prescribed auction conditions were breached. The successful bidder failed to provide the required bank guarantee and did not pay the consideration within time, so the confirmation of sale was invalid despite the purported auction. A later higher offer did not by itself displace a completed auction, but it supported the need for a fresh lawful process because the original sale was not conducted on a proper statutory footing. The restored rejection of the bid was upheld. Case-Laws Indian Laws Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437163