Union Bank Of India vs Official Liquidator H.C. Of Calcutta ...

The Supreme Court upheld the auction sale of the assets of Kolay Biscuits Company under liquidation, confirming the decisions made by the Calcutta High Court and the Company Judge. The Court noted that the sale was conducted in accordance with the provisions of the Companies Act and the Sick Industrial Companies Act (SICA), emphasizing the need to balance the interests of creditors and the welfare of the employees. The Court held that the auction sale was valid despite objections regarding the re-employment of workers, as the statutory procedures were duly followed.