VEDICA PROCON PRIVATE LIMITED vs BALLESHWAR GREENS PRIVATE LIMITED .

The Supreme Court upheld the Gujarat High Court's order confirming the sale of freehold land of M/s Omex Investors Ltd. to Vedica Procon Private Limited for Rs. 148 crores, following an auction process as per the Companies Act, 1956. The Court emphasized that the auction was conducted fairly and transparently, and the earnest money deposit was to be retained by the official liquidator. The Court dismissed the appeals of Balleshwar Greens Private Limited, affirming the High Court's decision and the validity of the auction process under Section 536 of the Companies Act, 1956.