Legal Question in Business Law in India
Company in Liquidation
Official Liquidator Mumbai took possesion of the company assets in 1998.May 2002 Reserve Price fixed at Rs. 2,71,15,000/- for factory, machinery & furniture.Have valuation report of 1997.Price of only the factory is Rs. 7.46 crores.Auction took place and only 1 bidder bid above the reserve price at Rs.2,72,00,000/-.On 5/12/02 court confirmed sale unless we deposited Rs. 3 crores within 1 week.On 12/12/02 filed a review petition asking for 2 weeks.Was refused & sale confirmed.Meanwhile had been trying to find a buyer for the property.16/12/02 went in appeal.Buyer presented cheque of Rs.3 crores.Would get pay order if the court ruled in our favour.Bench refused saying that amount was only 10% higher.Liabilities around Rs. 6 crores.Supported by workers.They had buyer for Rs 3.5 crores.Court still refused.Bidders lawyer submitted judgement dated 3/5/02 of the Mumbai High Courtin A.No.293 of 2001 in Notice of Motion No. 1316\99in S. No.3196 of 1998[JT2002(6) SC 386].Would like to know the following:
On what grounds can I appeal?Any case laws which would help me?
Any judgement which which states the interest of the workers and creditors should be looked at?
The factory land is leased by MIDC. Can that help me in anyway?
1 Answer from Attorneys
Re: Company in Liquidation
Normally once sale is confirmed court cannot set aside the sale unless it can be shown that the sale would be prejudicial to the intrests of the workers and creditors
Related Questions & Answers
-
To register a dotcom as a pvt. ltd. company I am a student studying MBA in PUNE. Me... Asked 12/04/02, 11:09 am in India Business Law
-
Ex director charged for fraud I had given resignation as the director of the company... Asked 12/02/02, 4:04 am in India Business Law
-
Copyright for books how can i get the copyright of my book, i wrote one. Asked 11/28/02, 2:14 pm in India Business Law
-
Would like to know if my online business is legal or not My inquiry is in regards to... Asked 7/05/02, 3:53 pm in India Business Law
-
Limitation in winding-up petition what is the limitation period for filing a... Asked 2/25/02, 1:00 am in India Business Law