https://www.taxtmi.com/caselaws?id=312843 Where a company is in liquidation, a secured creditor enforcing security under the SARFAESI Act must proceed in harmony with the Companies Act and respect the Official Liquidator's custody of the assets. The sale process must be fair and protective of the liquidation estate, including notice to the Official Liquidator, clear disclosure of liquidation status in the advertisement, commercially prudent efforts to secure a better price, and a reserve price supported by proper valuation. The document emphasises that sale confirmation cannot rest on a deficient auction process or on a reserve price inconsistent with the creditor's own financing assessment. en-us Thu, 07 Aug 2014 00:00:00 +0530 Tue, 12 Mar 2024 07:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312843 Where a company is in liquidation, a secured creditor enforcing security under the SARFAESI Act must proceed in harmony with the Companies Act and respect the Official Liquidator's custody of the assets. The sale process must be fair and protective of the liquidation estate, including notice to the Official Liquidator, clear disclosure of liquidation status in the advertisement, commercially prudent efforts to secure a better price, and a reserve price supported by proper valuation. The document emphasises that sale confirmation cannot rest on a deficient auction process or on a reserve price inconsistent with the creditor's own financing assessment. Case-Laws Companies Law Thu, 07 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312843