NAVALKHA & SONS vs SRI RAMANYA DAS & ORS.

The Supreme Court held that in winding up proceedings under the Companies (Court) Rules, 1959, Rule 273, the acceptance of an offer by the commissioner is not a vested right until confirmed by the court. The court must ensure that the price offered is reasonable and reflective of market value, and inadequate publicity invalidates the sale process. The Court upheld the decision of the Letters Patent Bench to set aside the single Judge's order and direct a fresh sale process due to lack of adequate public notice.