https://www.taxtmi.com/caselaws?id=104054 An agreement to transfer a company's mill unit was treated as unenforceable because it was made in breach of a subsisting Supreme Court restraint, contrary to the undertaking given to preserve assets for creditors, and inconsistent with the winding-up regime. The corporate resolution approving the sale was also defective because the explanatory statement omitted material facts required for shareholder disclosure. As the underlying bargain was void and opposed to public policy, no right arose to compel execution of the conveyance deed or to seek specific performance. The status quo protection over the unit was therefore lifted, and the official liquidator was left free to proceed with the assets under the winding-up order. en-us Tue, 22 Dec 1998 00:00:00 +0530 Mon, 27 Feb 2012 14:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104054 An agreement to transfer a company's mill unit was treated as unenforceable because it was made in breach of a subsisting Supreme Court restraint, contrary to the undertaking given to preserve assets for creditors, and inconsistent with the winding-up regime. The corporate resolution approving the sale was also defective because the explanatory statement omitted material facts required for shareholder disclosure. As the underlying bargain was void and opposed to public policy, no right arose to compel execution of the conveyance deed or to seek specific performance. The status quo protection over the unit was therefore lifted, and the official liquidator was left free to proceed with the assets under the winding-up order. Case-Laws Companies Law Tue, 22 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104054