https://www.taxtmi.com/caselaws?id=100228 Section 536(2) of the Companies Act, 1956 was construed to apply after presentation of a winding-up petition and before a winding-up order, so the court retained jurisdiction to authorise disposition of company assets during that interim period. The provision was read as protecting creditors while preventing bona fide transactions from being paralysed merely because a petition was pending. The possibility that permission might later become unnecessary if the winding-up petition failed did not remove the court's power to act. Interim authorisation was therefore available where creditor interests were safeguarded. en-us Tue, 29 Jun 1982 00:00:00 +0530 Tue, 31 Jan 2012 16:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100228 Section 536(2) of the Companies Act, 1956 was construed to apply after presentation of a winding-up petition and before a winding-up order, so the court retained jurisdiction to authorise disposition of company assets during that interim period. The provision was read as protecting creditors while preventing bona fide transactions from being paralysed merely because a petition was pending. The possibility that permission might later become unnecessary if the winding-up petition failed did not remove the court's power to act. Interim authorisation was therefore available where creditor interests were safeguarded. Case-Laws Companies Law Tue, 29 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100228