Supreme Court of India
Pravin Gada and Another v. Central Bank of India and Others
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
We are of the considered opinion that there should be a re- c 628 SUPREME COURT REPORTS [2012) 13 S.C.R. auction and we are inclined to modify the conditions incorporated in the earlier order.
Judgment, page 17
From the headnote
Auction Sale - Of the property of company under liquidation - At the behest of the secured creditors - Auction sale confirmed in favour of appellants for Rs. 2. 50 crores - Set aside on being challenged - Further auction fetching Rs. 6.45 crores also set aside - Sale in favour of appellants restored - On appeal, Supreme Court passing orders for fresh auction - The highest bid was for Rs. 5.04 crores - Held: The appellants had deposited Rs. 2.50 crores 6 year back and already invested substantial amount in the property - The highest offer came up to Rs. 5.04 crores at such a distance of time -
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