Divya Manufacturing Co.,Tirupati Wool ... vs Union Bank Of India , The Official ...

The Supreme Court upheld the decision of the High Court of Calcutta which set aside the sale of assets of Tirupati Woolen Mills Limited to Divya Manufacturing Co. The Court emphasized the need for a transparent sale process under the Companies Act, particularly Sections 529 and 530, ensuring that all stakeholders, including creditors, are adequately considered. The ruling reinforced the principle that the sale of a company's assets must be conducted fairly and justly, particularly in liquidation proceedings.