https://www.taxtmi.com/caselaws?id=108560 Once winding-up proceedings are under court control and an Official Liquidator has been appointed, earlier BIFR-sanctioned sale arrangements cannot displace the liquidation process. The court held that the company's assets, being in the custody and supervision of the Official Liquidator, must be sold through the court-directed liquidation machinery. Parallel permission to the applicant bank and the BIFR-appointed Assets Sales Committee would interfere with orderly administration of the estate and could prejudice secured creditors and other stakeholders. The request for independent sale authority was therefore declined. en-us Tue, 22 Oct 2002 00:00:00 +0530 Mon, 02 Apr 2012 16:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108560 Once winding-up proceedings are under court control and an Official Liquidator has been appointed, earlier BIFR-sanctioned sale arrangements cannot displace the liquidation process. The court held that the company's assets, being in the custody and supervision of the Official Liquidator, must be sold through the court-directed liquidation machinery. Parallel permission to the applicant bank and the BIFR-appointed Assets Sales Committee would interfere with orderly administration of the estate and could prejudice secured creditors and other stakeholders. The request for independent sale authority was therefore declined. Case-Laws Companies Law Tue, 22 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108560