https://www.taxtmi.com/caselaws?id=111138 Rent payable for leasehold land retained by the official liquidator for completion of winding up was treated as part of the costs and expenses of liquidation and ranked in priority to ordinary debts. The court also clarified that the purchaser under the sale did not acquire an enforceable right to renewal or transfer of the lease, because the sale terms only required negotiation with the Port Trust and did not vest the unexpired leasehold interest. Legal possession of the land was directed to revert to the lessor, while the purchaser's remedies were confined to seeking renewal or transfer in accordance with law. en-us Mon, 21 Mar 2005 00:00:00 +0530 Fri, 20 Apr 2012 15:30:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111138 Rent payable for leasehold land retained by the official liquidator for completion of winding up was treated as part of the costs and expenses of liquidation and ranked in priority to ordinary debts. The court also clarified that the purchaser under the sale did not acquire an enforceable right to renewal or transfer of the lease, because the sale terms only required negotiation with the Port Trust and did not vest the unexpired leasehold interest. Legal possession of the land was directed to revert to the lessor, while the purchaser's remedies were confined to seeking renewal or transfer in accordance with law. Case-Laws Companies Law Mon, 21 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111138