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HC held that a Deed of Assignment executed nearly eighteen years after commencement of winding up was void under Section 536(2) of the Companies Act. The Applicants failed to show that the transaction was in the ordinary course of business, beneficial to the company in liquidation or its creditors, or that any part of the consideration reached the company. Their reliance on Section 41 of the Transfer of Property Act was rejected, as the Official Liquidator is only a statutory custodian and not the real owner, making ostensible ownership inapplicable. The Official Liquidator's Report was allowed and the Applicants' Interim Application for ratification dismissed, with liberty to pursue a claim before the Official Liquidator.
HC held that a Deed of Assignment executed nearly eighteen years after commencement of winding up was void under Section 536(2) of the Companies Act. The Applicants failed to show that the transaction was in the ordinary course of business, beneficial to the company in liquidation or its creditors, or that any part of the consideration reached the company. Their reliance on Section 41 of the Transfer of Property Act was rejected, as the Official Liquidator is only a statutory custodian and not the real owner, making ostensible ownership inapplicable. The Official Liquidator's Report was allowed and the Applicants' Interim Application for ratification dismissed, with liberty to pursue a claim before the Official Liquidator.
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