https://www.taxtmi.com/caselaws?id=111250 The court dismissed the Company Application seeking modification of a court order to restrain a bank from taking possession of confiscated goods. The bank's claim on the goods under a hire-purchase agreement was upheld, stating that the goods were under legal custody since the appointment of the Court Receiver. The court clarified that the bank was not liable to make good the value of the confiscated goods, and the Liquidator would handle the Commissioner's claim in accordance with the law. The Union of India's claim would be processed as per the Companies Act, 1956. en-us Thu, 29 Mar 2007 00:00:00 +0530 Sat, 21 Apr 2012 13:09:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111250 The court dismissed the Company Application seeking modification of a court order to restrain a bank from taking possession of confiscated goods. The bank's claim on the goods under a hire-purchase agreement was upheld, stating that the goods were under legal custody since the appointment of the Court Receiver. The court clarified that the bank was not liable to make good the value of the confiscated goods, and the Liquidator would handle the Commissioner's claim in accordance with the law. The Union of India's claim would be processed as per the Companies Act, 1956. Case-Laws Companies Law Thu, 29 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111250