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Bombay High Court Dismisses Appeal Against Official Liquidator's Decision to Sell Company Assets as a Going Concern. Court Upholds Liquidator's Discretion Under Companies Act, 1956 to Reject Private Offers and Proceed with Public Auction for Maximizing Value.

The case involves a Company Appeal filed by the legal heirs of Umashankar Saraf and other family members against the Official Liquidator of M/s. Rai B...

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Bombay High Court Allows Winding Up of Swadeshi Mills Co. Ltd. in Creditors' Petitions and BIFR Recommendation. Company declared unable to pay debts and commercially insolvent; winding up ordered under Sections 433(e) and 434 of the Companies Act, 1956.

The judgment concerns multiple company petitions filed by creditors and the Board for Industrial and Financial Reconstruction (BIFR) seeking the windi...

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Bombay High Court Dismisses Application for Recall/Review of Order Allowing Secured Creditor to Release Leasehold Rights. Applicant, an ex-director and guarantor, lacked locus standi as he was not a party to the original application and no fraud or mistake was established.

The judgment concerns an application filed by Mr Shashikant Pasari, an ex-director and guarantor of Rajan (Textile) Mills Pvt Ltd (in liquidation), se...

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Bombay High Court Dismisses PIL Seeking Investigation into Financial Crimes by Corporate Entities and Public Officials. Court holds that a writ petition for registration of FIR is not maintainable when petitioner is not an aggrieved person and has alternative remedy under Section 156(3) CrPC.

The petitioner, Alpesh Navinchandra Gosalia, filed a criminal writ petition under Article 226 of the Constitution before the Bombay High Court seeking...

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Madras High Court Dismisses Writ Petition Challenging SARFAESI E-Auction Sale Notice for Lack of Maintainability. Statutory Remedy Under Section 17 of SARFAESI Act Held to Be Effective Alternative, Barring Writ Jurisdiction Under Article 226.

The petitioners, C.Shanmuga Sundaram and others, filed a writ petition under Article 226 of the Constitution of India before the Madras High Court cha...