https://www.taxtmi.com/caselaws?id=98324 A permanent lease under section 105 of the Transfer of Property Act created only a transferable interest, not ownership, and where the lease contained a forfeiture clause the lessee's interest reverted to the lessor on dissolution of the lessee-company rather than escheating to the Government. Once the company was finally dissolved, the ex-liquidator became functus officio and had no authority to execute a sale deed without court intervention, so the deed was invalid. Acceptance of rent before dissolution did not create estoppel, as a mistaken assertion of legal right does not bar a later claim where the parties knew the true legal position. Section 53A did not apply against pre-emptors claiming under an independent title. en-us Thu, 17 Feb 1966 00:00:00 +0530 Fri, 20 Jan 2012 11:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98324 A permanent lease under section 105 of the Transfer of Property Act created only a transferable interest, not ownership, and where the lease contained a forfeiture clause the lessee's interest reverted to the lessor on dissolution of the lessee-company rather than escheating to the Government. Once the company was finally dissolved, the ex-liquidator became functus officio and had no authority to execute a sale deed without court intervention, so the deed was invalid. Acceptance of rent before dissolution did not create estoppel, as a mistaken assertion of legal right does not bar a later claim where the parties knew the true legal position. Section 53A did not apply against pre-emptors claiming under an independent title. Case-Laws Companies Law Thu, 17 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98324