https://www.taxtmi.com/caselaws?id=459602 Kerala HC set aside lower court's order directing fourth auction of property and confirmed sale to appellant. Court rejected third respondent's offer of Rs. 50,00,000/- made after three auctions, finding appellant's bid of Rs. 36,66,885/- adequate given property's court valuation of Rs. 50,60,300/-. HC held that allowing late bidders who didn't participate in earlier auctions would make court sales a mockery and deter genuine bidders. Court emphasized that while adequate pricing is important, it cannot compromise credibility of auction process. Frequent sale cancellations create deterrent effect on prospective bidders. Appeal allowed, confirming sale to original successful bidder. en-us Wed, 19 Mar 2014 00:00:00 +0530 Thu, 19 Dec 2024 18:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459602 Kerala HC set aside lower court's order directing fourth auction of property and confirmed sale to appellant. Court rejected third respondent's offer of Rs. 50,00,000/- made after three auctions, finding appellant's bid of Rs. 36,66,885/- adequate given property's court valuation of Rs. 50,60,300/-. HC held that allowing late bidders who didn't participate in earlier auctions would make court sales a mockery and deter genuine bidders. Court emphasized that while adequate pricing is important, it cannot compromise credibility of auction process. Frequent sale cancellations create deterrent effect on prospective bidders. Appeal allowed, confirming sale to original successful bidder. Case-Laws Companies Law Wed, 19 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459602