https://www.taxtmi.com/caselaws?id=101197 The court declared the sale of mortgaged properties during winding-up proceedings as void due to lack of court leave, as required by Section 537(1) of the Companies Act, 1956. The guarantor was found to have standing to challenge the sale under Section 537. The court rejected the notion of granting ex-post facto leave for the sale, affirming its void status. Consequently, the sale in favor of the second respondent was set aside, with directions to return the properties to the official liquidator and allowing further legal actions against other parties. en-us Thu, 07 Mar 1985 00:00:00 +0530 Wed, 08 Feb 2012 18:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101197 The court declared the sale of mortgaged properties during winding-up proceedings as void due to lack of court leave, as required by Section 537(1) of the Companies Act, 1956. The guarantor was found to have standing to challenge the sale under Section 537. The court rejected the notion of granting ex-post facto leave for the sale, affirming its void status. Consequently, the sale in favor of the second respondent was set aside, with directions to return the properties to the official liquidator and allowing further legal actions against other parties. Case-Laws Companies Law Thu, 07 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101197