https://www.taxtmi.com/caselaws?id=112510 The Court dismissed the post-sale validation application by a company-in-liquidation for a property sale made without Court permission, as required under section 537(1)(b) of the Companies Act. Emphasizing the necessity of Court oversight to protect the company and creditors' interests, the judgment clarified that sales without Court leave after the commencement of winding-up proceedings are void. The Court highlighted the lack of bona fides in the transaction, noting the loss of the company's sole immovable asset without benefiting the company or creditors, ultimately leading to the dismissal of the validation application. en-us Thu, 07 May 2009 00:00:00 +0530 Sun, 09 Nov 2014 22:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112510 The Court dismissed the post-sale validation application by a company-in-liquidation for a property sale made without Court permission, as required under section 537(1)(b) of the Companies Act. Emphasizing the necessity of Court oversight to protect the company and creditors' interests, the judgment clarified that sales without Court leave after the commencement of winding-up proceedings are void. The Court highlighted the lack of bona fides in the transaction, noting the loss of the company's sole immovable asset without benefiting the company or creditors, ultimately leading to the dismissal of the validation application. Case-Laws Companies Law Thu, 07 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112510