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MARKANDEY KATJU, ALTAMAS KABIR
Valji Khimji & Company – Appellant
Versus
Official Liquidator of Hindustan Nitro Product (Gujarat) Ltd – Respondent
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Subject: Citation of Supreme Court Judgment - Auction Sale Confirmation Case
Dear [Recipient's Name],
Please find below the citation of the relevant Supreme Court judgment regarding auction sale confirmation:
[Legal Document Citation]: 2008 SCC 1220; 2009 AIR (Jhar) 337; 2009 Supp AIR (SC) 776; 2008 AIR (SCW) 5828; 2008 BC 536; 2008 CLA 126; 2008 CompCas 36; 2008 CompLJ 201; 2009 GLR 152; 2009 ISJ (Banking) 351; 2008 JLJR (SC) 146; 2008 JT 610; 2009 MLJ 315; 2008 PLJR (SC) 146; 2008 Scale 287; 2008 SCC 299; 2008 SCL 81; 2008 SCR 1; 2009 WLC 450; 2008 KHC 4951
Court: Supreme Court of India
Date of Decision: August 12, 2008
Parties: - Appellant: Valji Khimji & Company - Respondents: Official Liquidator of Hindustan Nitro Product (Gujarat) Ltd & others
Key Points: - The case involved auction sale confirmation of company assets under liquidation. - The Court emphasized that wide publicity in well-known newspapers allows all eligible persons to participate. - It was held that objections after confirmation are generally not entertained unless fraud or collusion is proven. - The Court upheld the auction sale, dismissing claims of fraud or improper valuation.
Please let me know if you need further details or assistance.
Best regards,
[Your Name]
JUDGMENT
Markandey Katju, J.
1. Leave granted.
2. This appeal has been filed against the impugned final judgment & order dated 25.8.2005 & 26.8.2005 passed by the High Court of Gujarat at Ahmedabad in O.J. Appeal No. 69 and 70 of 2004 in O.J. Misc. Civil Application No. 175 of 2003 and CA No. 311 of 2004 respectively in Official Liquidator Report No. 49 of 2003.
3. Heard learned counsel for the parties and perused the record.
4. The facts of the case are that Hindustan Nitro Product (Gujarat) Ltd. was put under liquidation, and an official liquidator was appointed for it. The assets of the company were proposed to be auctioned, and hence the Court asked the official liquidator to obtain a valuation report. The official liquidator after obtaining the valuation report submitted it to the Court. The valuation of these assets, according to the official liquidator, was Rs.2.55 crores. The property was then put up for auction on 25.3.2003 after advertising it in various well-known newspapers having wide circulation, including `The Economic Times which is a well known newspaper having wide circulation in the business community.
5. Several bids were received and were opened in the Court. Th
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