https://www.taxtmi.com/caselaws?id=112758 A secured creditor's sale of a company's immovable property after commencement of winding-up proceedings was not invalid merely because prior leave of the Company Court had not been obtained. Applying the doctrine of relation back, the later winding-up order was treated as operating from the date proceedings were instituted, so the transaction remained subject to the winding-up regime and its statutory consequences. The sale proceeds were therefore exposed to pari passu claims of workmen and other protected creditors, and the Official Liquidator was to invite and adjudicate such claims for possible distribution. The sale was preserved, but the secured creditor had to cooperate with directions safeguarding the statutory rights attached to the realised proceeds. en-us Mon, 12 Jan 2009 00:00:00 +0530 Tue, 03 Dec 2019 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112758 A secured creditor's sale of a company's immovable property after commencement of winding-up proceedings was not invalid merely because prior leave of the Company Court had not been obtained. Applying the doctrine of relation back, the later winding-up order was treated as operating from the date proceedings were instituted, so the transaction remained subject to the winding-up regime and its statutory consequences. The sale proceeds were therefore exposed to pari passu claims of workmen and other protected creditors, and the Official Liquidator was to invite and adjudicate such claims for possible distribution. The sale was preserved, but the secured creditor had to cooperate with directions safeguarding the statutory rights attached to the realised proceeds. Case-Laws Companies Law Mon, 12 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112758