https://www.taxtmi.com/caselaws?id=99294 The court upheld the validity of compromise decrees against a company in liquidation, affirming the court's jurisdiction to pass such decrees. It emphasized that a company retains its legal entity status even in liquidation, allowing it to enter into agreements and legal proceedings. The court ruled that the State, as a debtor, fulfilled its obligations by making payments under court orders, regardless of the funds' subsequent distribution. Consequently, the lower court's decision was upheld, dismissing the State of Bihar's revision applications. en-us Thu, 28 Mar 1974 00:00:00 +0530 Wed, 25 Jan 2012 18:11:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99294 The court upheld the validity of compromise decrees against a company in liquidation, affirming the court's jurisdiction to pass such decrees. It emphasized that a company retains its legal entity status even in liquidation, allowing it to enter into agreements and legal proceedings. The court ruled that the State, as a debtor, fulfilled its obligations by making payments under court orders, regardless of the funds' subsequent distribution. Consequently, the lower court's decision was upheld, dismissing the State of Bihar's revision applications. Case-Laws Companies Law Thu, 28 Mar 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99294