https://www.taxtmi.com/caselaws?id=98470 The court addressed various issues involving preferential rights over sale proceeds, priority rights among respondents, validity of agreements, application of the Companies Act, ostensible authority, ratification of acts, and rights of guarantors. It determined the rights of respondents, directing the official liquidator to distribute sale proceeds after deducting expenses, charges, and costs pro rata. Unregistered charges were deemed void, and guarantors were recognized as preferential creditors. The court emphasized compliance with internal regulations and upheld the actions of the managing director. The application was granted with costs awarded to the official liquidator. en-us Fri, 10 Nov 1967 00:00:00 +0530 Fri, 20 Jan 2012 17:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98470 The court addressed various issues involving preferential rights over sale proceeds, priority rights among respondents, validity of agreements, application of the Companies Act, ostensible authority, ratification of acts, and rights of guarantors. It determined the rights of respondents, directing the official liquidator to distribute sale proceeds after deducting expenses, charges, and costs pro rata. Unregistered charges were deemed void, and guarantors were recognized as preferential creditors. The court emphasized compliance with internal regulations and upheld the actions of the managing director. The application was granted with costs awarded to the official liquidator. Case-Laws Companies Law Fri, 10 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98470