Supreme Court of India
M/s. Tech Invest India (pvt.) Ltd. Thr. Major Shareholder Rajiv Gosain v. M/s. Assam Power & Electricals Ltd. 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 view that the Company Judge C also failed to exercise its judicial discretion to see that the properties are sold at a reasonable price.
Judgment, page 7
From the headnote
Company law: Sale of assets of company - Public auction - Stay application by company on the ground that its assets were worth Rs. 7 crores and public auction was being held without fixing the minimum reserve price after issuing auction sale notice only once - Company judge refused to interfere with the auction and directed the company to raise the objections at the time of confirmation of safe - In auction, respondent no.3 purchased assets for Rs. 45. 55 fakhs- High Court held that counsel representing shareholders of the, company had no objections and confirmed the sale - Company's appeal
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