https://www.taxtmi.com/caselaws?id=97988 An execution sale by a first mortgagee that extinguishes a puisne mortgagee's equity of redemption constitutes a proceeding against the company's estate or effects within the meaning of the statutory protection requiring leave; ordinarily such a sale falls within the prohibition and is void without leave. However, the official liquidator's repeated adjournments to enable payment and active participation in the sale proceedings amounted to an effective waiver of the leave requirement, so section 232 does not invalidate the particular execution sale and the sale is upheld. en-us Tue, 01 Jan 1963 00:00:00 +0530 Wed, 18 Jan 2012 17:21:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97988 An execution sale by a first mortgagee that extinguishes a puisne mortgagee's equity of redemption constitutes a proceeding against the company's estate or effects within the meaning of the statutory protection requiring leave; ordinarily such a sale falls within the prohibition and is void without leave. However, the official liquidator's repeated adjournments to enable payment and active participation in the sale proceedings amounted to an effective waiver of the leave requirement, so section 232 does not invalidate the particular execution sale and the sale is upheld. Case-Laws Companies Law Tue, 01 Jan 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97988