M/S S.J.S. Business Enterprises (P) Ltd vs State Of Bihar And Ors

The Supreme Court ruled that the sale of mortgaged property under Section 29 of the State Financial Corporations Act, 1951 must adhere to principles of fairness and transparency. The Court held that BICICO's actions in valuing the property and conducting the sale were flawed, particularly as the sale notice was published on dates that limited the opportunity for competitive bidding. The Court ultimately set aside the sale in favor of the respondent, emphasizing the need for a proper valuation and fair process in such transactions.