https://www.taxtmi.com/caselaws?id=97504 In a voluntary winding up, court supervision under section 221 is discretionary and will not be ordered absent fraud, prejudice to creditors or contributories, or other sufficient cause. The court found no basis to interfere and allowed the liquidation to continue without supervision. A shareholder-approved scheme allotting buses against deduction of share capital and assumption of liabilities was upheld because it was directed to payment of debts and liabilities before any benefit reached members; it was not treated as an unlawful purchase of its own shares or as contrary to sections 211 and 54A. The liquidator's acts were also sustained because his resignation had not been accepted and he continued to function. en-us Thu, 28 Feb 1957 00:00:00 +0530 Tue, 17 Jan 2012 10:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97504 In a voluntary winding up, court supervision under section 221 is discretionary and will not be ordered absent fraud, prejudice to creditors or contributories, or other sufficient cause. The court found no basis to interfere and allowed the liquidation to continue without supervision. A shareholder-approved scheme allotting buses against deduction of share capital and assumption of liabilities was upheld because it was directed to payment of debts and liabilities before any benefit reached members; it was not treated as an unlawful purchase of its own shares or as contrary to sections 211 and 54A. The liquidator's acts were also sustained because his resignation had not been accepted and he continued to function. Case-Laws Companies Law Thu, 28 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97504