https://www.taxtmi.com/caselaws?id=113427 A One Time Settlement that had been acted upon, executed as an agreement, and substantially performed could not be unilaterally revoked after cancellation of the proposal and expiry of the stipulated time, so the settlement remained enforceable. In winding-up proceedings, the Company Court's jurisdiction under the Companies Act, 1956 extended to questions arising in liquidation, including enforcement of a concluded settlement, so it had competence to act on the arrangement. A conditional direction for release of sale proceeds to the bank was also sustained because it was limited to a secured creditor finding and protected other creditors through refund safeguards. en-us Wed, 12 May 2010 00:00:00 +0530 Tue, 07 Oct 2014 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113427 A One Time Settlement that had been acted upon, executed as an agreement, and substantially performed could not be unilaterally revoked after cancellation of the proposal and expiry of the stipulated time, so the settlement remained enforceable. In winding-up proceedings, the Company Court's jurisdiction under the Companies Act, 1956 extended to questions arising in liquidation, including enforcement of a concluded settlement, so it had competence to act on the arrangement. A conditional direction for release of sale proceeds to the bank was also sustained because it was limited to a secured creditor finding and protected other creditors through refund safeguards. Case-Laws Companies Law Wed, 12 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113427