https://www.taxtmi.com/caselaws?id=109574 Assets of a company in liquidation remain in the deemed custody of the Court, and a person holding such property must surrender it to the Official Liquidator when called upon to do so. Here, the vehicle was shown in the statement of affairs as a company asset in the respondent's possession, and the respondent neither replied to the notice nor disputed the material facts. Continued possession was therefore unauthorised and inconsistent with the winding-up regime and the Companies (Court) Rules, 1959. The respondent was rightly directed to deliver the scooter to the Official Liquidator within the time granted. en-us Fri, 25 Apr 2003 00:00:00 +0530 Tue, 10 Apr 2012 18:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109574 Assets of a company in liquidation remain in the deemed custody of the Court, and a person holding such property must surrender it to the Official Liquidator when called upon to do so. Here, the vehicle was shown in the statement of affairs as a company asset in the respondent's possession, and the respondent neither replied to the notice nor disputed the material facts. Continued possession was therefore unauthorised and inconsistent with the winding-up regime and the Companies (Court) Rules, 1959. The respondent was rightly directed to deliver the scooter to the Official Liquidator within the time granted. Case-Laws Companies Law Fri, 25 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109574