M/S. S.J.S. BUSINESS ENTERPRISES(P)LTD. vs STATE OF BIHAR .

The Supreme Court addressed the legality of the sale proceedings initiated by BICICO under Section 29 of the State Financial Corporations Act, 1951, holding that the sale notice was invalid due to insufficient time given for bids, especially considering the holidays. The Court emphasized that the principles of natural justice must be adhered to in such proceedings, and the appellant was entitled to a fair opportunity to match the offer made by the respondent. Consequently, the Court set aside the sale in favor of the respondent and directed BICICO to allow the appellant to participate in the bidding process.