Auction - company declared as a sick company - HC has set aside the auction - The purpose of auction...

Auction - company declared as a sick company - HC has set aside the auction - The purpose of auction (open or close format) is to get the most remunerative price and giving opportunity to the intending bidders to participate and fetch higher realizable value of the property. If that path is cut down or closed, the possibility of fraud or to secure inadequate price or underbidding would loom large. - Order of HC sustained - SC .....

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