https://www.taxtmi.com/caselaws?id=100150 A liquidator may continue a company's business during winding up only with court sanction and only to the extent necessary for beneficial winding up; retaining premises merely to earn rent or monetary return exceeds that power. A caretaker arrangement cannot be used as a label to disguise parting with possession of premises where rent control law restricts licence or sub-lease, especially when the company is only a statutory tenant and the premises are no longer required for its own use. Courts cannot approve a transaction that, in substance, defeats statutory protections by adopting a different form. The note emphasises that colourable arrangements in winding up will not be permitted. en-us Fri, 19 Aug 1983 00:00:00 +0530 Wed, 06 Aug 2014 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100150 A liquidator may continue a company's business during winding up only with court sanction and only to the extent necessary for beneficial winding up; retaining premises merely to earn rent or monetary return exceeds that power. A caretaker arrangement cannot be used as a label to disguise parting with possession of premises where rent control law restricts licence or sub-lease, especially when the company is only a statutory tenant and the premises are no longer required for its own use. Courts cannot approve a transaction that, in substance, defeats statutory protections by adopting a different form. The note emphasises that colourable arrangements in winding up will not be permitted. Case-Laws Companies Law Fri, 19 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100150