https://www.taxtmi.com/caselaws?id=105400 A sale of a sick company's assets completed before an order under section 20(2) of the Sick Industrial Companies (Special Provisions) Act, 1985, pursuant to a valid section 20(4) authorisation, was held not to be void merely because a winding up petition was pending and leave of the company court had not been obtained. The Court also held that a pre-winding-up sale by a secured creditor in possession under section 29 of the State Financial Corporations Act, 1951 was not invalid for want of leave or the presence of the official liquidator. Allegations of irregularity or inadequacy of price were rejected because the sale had statutory approval and could not be re-opened on fresh review. en-us Wed, 11 Apr 2001 00:00:00 +0530 Mon, 05 Mar 2012 15:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105400 A sale of a sick company's assets completed before an order under section 20(2) of the Sick Industrial Companies (Special Provisions) Act, 1985, pursuant to a valid section 20(4) authorisation, was held not to be void merely because a winding up petition was pending and leave of the company court had not been obtained. The Court also held that a pre-winding-up sale by a secured creditor in possession under section 29 of the State Financial Corporations Act, 1951 was not invalid for want of leave or the presence of the official liquidator. Allegations of irregularity or inadequacy of price were rejected because the sale had statutory approval and could not be re-opened on fresh review. Case-Laws Companies Law Wed, 11 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105400