UNITED BANK OF INDIA vs OFF. LIQUIDATOR,H.C.OF CALCUTTA

The Supreme Court upheld the decision of the Calcutta High Court regarding the auction sale of the assets of Kolay Biscuits Company Private Limited under the Companies Act. The Court noted that the company was declared sick under the Sick Industrial Companies Act (SICA) and that the auction was necessary to protect the interests of approximately 1200 workers. The Court confirmed that the official liquidator acted within the legal framework, and the sale was to be conducted as a going concern, emphasizing the need for re-employment of workers.