https://www.taxtmi.com/caselaws?id=103411 Section 456 of the Companies Act, 1956 vests a provisional liquidator with custody only of property, effects and actionable claims to which the company is entitled. A boiler held under a lease remained the respondent's property because title had not passed, and mere possession or use by the company did not convert it into company assets for winding-up purposes. The boiler therefore fell outside the scope of section 456 and could not be taken into the provisional liquidator's custody. The appeal was dismissed. en-us Wed, 02 Apr 1997 00:00:00 +0530 Wed, 22 Feb 2012 17:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103411 Section 456 of the Companies Act, 1956 vests a provisional liquidator with custody only of property, effects and actionable claims to which the company is entitled. A boiler held under a lease remained the respondent's property because title had not passed, and mere possession or use by the company did not convert it into company assets for winding-up purposes. The boiler therefore fell outside the scope of section 456 and could not be taken into the provisional liquidator's custody. The appeal was dismissed. Case-Laws Companies Law Wed, 02 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103411