https://www.taxtmi.com/caselaws?id=105911 A secured creditor's sale of company assets completed before the winding-up order was not void under section 446 of the Companies Act, 1956, because that provision restricts proceedings after a winding-up order or provisional liquidation, and the sale predated that stage. The Sick Industrial Companies (Special Provisions) Act, 1985 did not impose an express or implied bar on the secured creditor's sale merely because BIFR had recorded an opinion for winding up, and the creditor's statutory right was not displaced. The company court also refused to invalidate the auction on alleged procedural defects, as its jurisdiction was confined to the Companies Act. The sale was upheld, subject to the section 529A-related fund direction. en-us Thu, 01 Feb 2001 00:00:00 +0530 Sat, 10 Mar 2012 13:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105911 A secured creditor's sale of company assets completed before the winding-up order was not void under section 446 of the Companies Act, 1956, because that provision restricts proceedings after a winding-up order or provisional liquidation, and the sale predated that stage. The Sick Industrial Companies (Special Provisions) Act, 1985 did not impose an express or implied bar on the secured creditor's sale merely because BIFR had recorded an opinion for winding up, and the creditor's statutory right was not displaced. The company court also refused to invalidate the auction on alleged procedural defects, as its jurisdiction was confined to the Companies Act. The sale was upheld, subject to the section 529A-related fund direction. Case-Laws Companies Law Thu, 01 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105911