https://www.taxtmi.com/caselaws?id=113963 The appeal seeking post-sale approval of a property belonging to a company in liquidation was dismissed. The court found the sale transaction during winding up proceedings to be invalid without court approval, emphasizing the need for compliance with official liquidator involvement and tribunal directives. The court scrutinized the bona fides of the sale and settlement, noting potential fraudulent intent. Emphasizing adherence to Companies Act provisions, the court upheld the lower court's decision, highlighting the importance of legitimate transactions benefiting the company and creditors. Costs were imposed on the appellant. en-us Mon, 12 Oct 2009 00:00:00 +0530 Thu, 30 Oct 2014 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113963 The appeal seeking post-sale approval of a property belonging to a company in liquidation was dismissed. The court found the sale transaction during winding up proceedings to be invalid without court approval, emphasizing the need for compliance with official liquidator involvement and tribunal directives. The court scrutinized the bona fides of the sale and settlement, noting potential fraudulent intent. Emphasizing adherence to Companies Act provisions, the court upheld the lower court's decision, highlighting the importance of legitimate transactions benefiting the company and creditors. Costs were imposed on the appellant. Case-Laws Companies Law Mon, 12 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113963