https://www.taxtmi.com/caselaws?id=99113 Appointment of a provisional liquidator does not, by itself, automatically vest a company's property in him or extinguish the managing agents' authority. His powers remain confined to the terms of the appointment order and any later directions of the court. Where the winding-up petition was no longer pressed and the court restored charge of the company and its affairs to the managing agents, they remained entitled to deal with company property in accordance with law. A mortgage executed by them pursuant to the company resolution and court directions was therefore valid, supported by consideration, and binding on the company. en-us Tue, 08 Jan 1974 00:00:00 +0530 Wed, 25 Jan 2012 12:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99113 Appointment of a provisional liquidator does not, by itself, automatically vest a company's property in him or extinguish the managing agents' authority. His powers remain confined to the terms of the appointment order and any later directions of the court. Where the winding-up petition was no longer pressed and the court restored charge of the company and its affairs to the managing agents, they remained entitled to deal with company property in accordance with law. A mortgage executed by them pursuant to the company resolution and court directions was therefore valid, supported by consideration, and binding on the company. Case-Laws Companies Law Tue, 08 Jan 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99113