https://www.taxtmi.com/caselaws?id=111623 The court declared the sale conducted by Karnataka State Financial Corporation without court permission as void under section 537(1)(b) of the Companies Act, emphasizing the necessity of obtaining court approval during winding up proceedings. The second respondent's claim as a bona fide purchaser was rejected due to failure to complete the sale transaction by paying the balance amount. The court directed the second respondent to return possession of the property to the official liquidator, highlighting the significance of adhering to legal procedures in such transactions. en-us Thu, 29 Jun 2006 00:00:00 +0530 Tue, 24 Apr 2012 13:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111623 The court declared the sale conducted by Karnataka State Financial Corporation without court permission as void under section 537(1)(b) of the Companies Act, emphasizing the necessity of obtaining court approval during winding up proceedings. The second respondent's claim as a bona fide purchaser was rejected due to failure to complete the sale transaction by paying the balance amount. The court directed the second respondent to return possession of the property to the official liquidator, highlighting the significance of adhering to legal procedures in such transactions. Case-Laws Companies Law Thu, 29 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111623