https://www.taxtmi.com/caselaws?id=98415 Payments made after the commencement of winding-up are treated as dispositions of company property and, when made toward pre-existing debts, offend pari passu distribution; they are therefore liable to be refunded to the official liquidator under section 536(2) unless validly protected. Validation under section 536(2) is confined to bona fide transactions entered into in the ordinary course of current trade or for the company's benefit, so post-petition payments of earlier debts do not qualify. The exclusion of the Companies Act in co-operative societies legislation is construed as limited to incorporation, regulation and winding-up of societies, and does not exclude the company court's jurisdiction over a company in liquidation. en-us Thu, 28 Mar 1968 00:00:00 +0530 Fri, 20 Jan 2012 15:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98415 Payments made after the commencement of winding-up are treated as dispositions of company property and, when made toward pre-existing debts, offend pari passu distribution; they are therefore liable to be refunded to the official liquidator under section 536(2) unless validly protected. Validation under section 536(2) is confined to bona fide transactions entered into in the ordinary course of current trade or for the company's benefit, so post-petition payments of earlier debts do not qualify. The exclusion of the Companies Act in co-operative societies legislation is construed as limited to incorporation, regulation and winding-up of societies, and does not exclude the company court's jurisdiction over a company in liquidation. Case-Laws Companies Law Thu, 28 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98415