https://www.taxtmi.com/caselaws?id=98373 The court dismissed the application under section 536(2) of the Companies Act, 1956, seeking permission for a company facing winding up to mortgage assets for paying arrears of wages and salaries. The court highlighted the need for proper legal procedures and fair opportunity for all parties to present relevant information. It emphasized that any disposition of property post-winding up order requires court approval and that the court's discretion under section 536(2) aims to safeguard creditors' interests and ensure equitable asset distribution. The judgment underscores the importance of adhering to legal processes and encourages pursuing appropriate legal remedies under the Companies Act. en-us Fri, 09 Dec 1966 00:00:00 +0530 Fri, 20 Jan 2012 13:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98373 The court dismissed the application under section 536(2) of the Companies Act, 1956, seeking permission for a company facing winding up to mortgage assets for paying arrears of wages and salaries. The court highlighted the need for proper legal procedures and fair opportunity for all parties to present relevant information. It emphasized that any disposition of property post-winding up order requires court approval and that the court's discretion under section 536(2) aims to safeguard creditors' interests and ensure equitable asset distribution. The judgment underscores the importance of adhering to legal processes and encourages pursuing appropriate legal remedies under the Companies Act. Case-Laws Companies Law Fri, 09 Dec 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98373