https://www.taxtmi.com/caselaws?id=110075 The High Court of Rajasthan dismissed the Director's application seeking release of funds from the Official Liquidator for a settlement with the Bank. The court found the application misconceived and mala fide, noting the Director's attempt to use company assets for personal gain rather than creditors' interests. Emphasizing the need to follow Companies Act provisions, the court ruled that the funds held by the Liquidator were not solely for the Bank but for distribution among various claim categories. The court concluded that the relief sought by the Director was not in the company's or stakeholders' best interests. en-us Fri, 20 May 2005 00:00:00 +0530 Fri, 13 Apr 2012 16:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110075 The High Court of Rajasthan dismissed the Director's application seeking release of funds from the Official Liquidator for a settlement with the Bank. The court found the application misconceived and mala fide, noting the Director's attempt to use company assets for personal gain rather than creditors' interests. Emphasizing the need to follow Companies Act provisions, the court ruled that the funds held by the Liquidator were not solely for the Bank but for distribution among various claim categories. The court concluded that the relief sought by the Director was not in the company's or stakeholders' best interests. Case-Laws Companies Law Fri, 20 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110075