https://www.taxtmi.com/caselaws?id=97330 A secured creditor's independent contractual power of sale over a company's assets, exercised by a receiver after commencement of winding up, was held not to require leave of the winding-up court under section 232(1) of the Indian Companies Act. The provision was construed narrowly, in context with sections 171 and 229, and as directed to court-supervised sales rather than a mortgagee's or secured creditor's own realisation of security. Applying noscitur a sociis, the presumption against unexpressed change in existing law, and the legislative history, the sale was valid absent fraud, lack of bona fides, or recklessness. en-us Wed, 20 Apr 1955 00:00:00 +0530 Thu, 08 May 2014 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97330 A secured creditor's independent contractual power of sale over a company's assets, exercised by a receiver after commencement of winding up, was held not to require leave of the winding-up court under section 232(1) of the Indian Companies Act. The provision was construed narrowly, in context with sections 171 and 229, and as directed to court-supervised sales rather than a mortgagee's or secured creditor's own realisation of security. Applying noscitur a sociis, the presumption against unexpressed change in existing law, and the legislative history, the sale was valid absent fraud, lack of bona fides, or recklessness. Case-Laws Companies Law Wed, 20 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97330