https://www.taxtmi.com/caselaws?id=111024 The court declared the sale of a property during winding-up proceedings void under Section 536(2) of the Companies Act. The purchaser, claimed to be bona fide, was entitled to compensation including the purchase price, expenses, and interest. The bank's rights as a secured creditor were upheld, emphasizing maximizing recovery for secured creditors. The court allowed the application, requiring the bank to compensate the purchaser, with the possibility of refund during the winding-up process, to be treated as part of workmen's dues for payment. en-us Mon, 10 Oct 2005 00:00:00 +0530 Thu, 19 Apr 2012 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111024 The court declared the sale of a property during winding-up proceedings void under Section 536(2) of the Companies Act. The purchaser, claimed to be bona fide, was entitled to compensation including the purchase price, expenses, and interest. The bank's rights as a secured creditor were upheld, emphasizing maximizing recovery for secured creditors. The court allowed the application, requiring the bank to compensate the purchaser, with the possibility of refund during the winding-up process, to be treated as part of workmen's dues for payment. Case-Laws Companies Law Mon, 10 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111024