Supreme Court of India
M.V. Janardhan Reddy v. Vijaya Bank & Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the foregoing reasons, the appeal deserves to be partly allowed and is accordingly allowed to the extent indicated G above.
Judgment, page 16
From the headnote
Companies Act, 1956 - Company in liquidation - Sale of properties by way of auction - Grant of permission, subject c to confirmation by company court - Auction sale - Confirmation of, by Recovery Officer- Held: Not correct - Order • passed by officer having no authority of law has no effect - It does not create any right in favour of a party for whom such order is made nor imposes any obligation on the opposite party against whom it was passed - Parties were aware about the condition that sale was subject to confirmation by court - Thus, Recovery Officer could not confirm the sale - He did
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