https://www.taxtmi.com/caselaws?id=99270 A post-winding-up sale of a company's assets without leave of the court is void under section 537 of the Companies Act, because the provision operates in mandatory terms and treats absence of leave as fatal to the sale's validity. The rule on continuation of proceedings under section 446 does not govern such a sale. An attachment made before the winding-up order may continue, since it is not displaced merely by the winding-up. Where the sale is void, the sale proceeds are to be paid to the official liquidator, and any movables not covered by the sale must also be handed over to him. en-us Fri, 09 Jan 1976 00:00:00 +0530 Wed, 25 Jan 2012 17:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99270 A post-winding-up sale of a company's assets without leave of the court is void under section 537 of the Companies Act, because the provision operates in mandatory terms and treats absence of leave as fatal to the sale's validity. The rule on continuation of proceedings under section 446 does not govern such a sale. An attachment made before the winding-up order may continue, since it is not displaced merely by the winding-up. Where the sale is void, the sale proceeds are to be paid to the official liquidator, and any movables not covered by the sale must also be handed over to him. Case-Laws Companies Law Fri, 09 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99270