Search Results Page
Search Results
1 - 6 of 6 (0.89 seconds)The Chairman And Managing ... vs Contromix Pvt.Ltd. By Its ... on 12 May, 1995
155. Time and again this Court has held that once
the State take recourse to a remedy of disposing of
the defaulter’s property by means of public auction
as provided in Regulation for realization of State
dues then its dominant consideration should always
be to secure the best price for the property put to
sale. This can, however, be achieved only when
there is maximum public participation in the
process of sale and every one has an opportunity to
offer the best offer to purchase the property. The
reason is that the public auction held after
adequate publicity ensures participation of every
person interested in purchasing the property and in
that process, the State and, in turn, the defaulter
41
gets the best price of his property which was put to
auction sale. [See Chairman and Managing
Director, SIPCOT, Madras and Others vs.
Contromix Pvt. Ltd., (1995) 4 SCC 595 and
Haryana Financial Corporation and Another vs.
Jagdamba Oil Mills and Another, (2002) 3 SCC
496]
Haryana Financial Corporation & Anr vs M/S Jagdamba Oil Mills & Anr on 28 January, 2002
155. Time and again this Court has held that once
the State take recourse to a remedy of disposing of
the defaulter’s property by means of public auction
as provided in Regulation for realization of State
dues then its dominant consideration should always
be to secure the best price for the property put to
sale. This can, however, be achieved only when
there is maximum public participation in the
process of sale and every one has an opportunity to
offer the best offer to purchase the property. The
reason is that the public auction held after
adequate publicity ensures participation of every
person interested in purchasing the property and in
that process, the State and, in turn, the defaulter
41
gets the best price of his property which was put to
auction sale. [See Chairman and Managing
Director, SIPCOT, Madras and Others vs.
Contromix Pvt. Ltd., (1995) 4 SCC 595 and
Haryana Financial Corporation and Another vs.
Jagdamba Oil Mills and Another, (2002) 3 SCC
496]
Article 227 in Constitution of India [Constitution]
Section 70 in The Indian Penal Code, 1860 [Entire Act]
The Indian Penal Code, 1860
1