https://www.taxtmi.com/caselaws?id=101132 The court held that an application under section 536(2) of the Companies Act, 1956, is competent before a winding-up order is made to prevent improper disposition of property. It referenced precedents emphasizing the need to validate bona fide transactions in the ordinary course of business to maintain the company's operations. The court exercised its discretion to issue directions for financial arrangements and property disposition to secure advances and revive the company as a relief undertaking. This decision aimed to protect the interests of creditors, shareholders, workers, and their families by ensuring the company's continuity and ability to serve stakeholders. en-us Tue, 13 Nov 1984 00:00:00 +0530 Wed, 08 Feb 2012 17:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101132 The court held that an application under section 536(2) of the Companies Act, 1956, is competent before a winding-up order is made to prevent improper disposition of property. It referenced precedents emphasizing the need to validate bona fide transactions in the ordinary course of business to maintain the company's operations. The court exercised its discretion to issue directions for financial arrangements and property disposition to secure advances and revive the company as a relief undertaking. This decision aimed to protect the interests of creditors, shareholders, workers, and their families by ensuring the company's continuity and ability to serve stakeholders. Case-Laws Companies Law Tue, 13 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101132