https://www.taxtmi.com/caselaws?id=211736 A company's draft rehabilitation scheme can operate as an admission of indebtedness, and a creditor's claim was treated as prima facie unimpeachable where the earlier suit did not cover that amount. The court also held that prima facie transfers of valuable immovable assets to related entities at gross undervalue, with resulting risk to creditors, workmen and shareholders, justified appointment of a provisional liquidator under Section 450 of the Companies Act, 1956. The remedy was used to preserve the estate and prevent further dissipation of assets. en-us Mon, 26 Mar 2012 00:00:00 +0530 Tue, 03 Apr 2012 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211736 A company's draft rehabilitation scheme can operate as an admission of indebtedness, and a creditor's claim was treated as prima facie unimpeachable where the earlier suit did not cover that amount. The court also held that prima facie transfers of valuable immovable assets to related entities at gross undervalue, with resulting risk to creditors, workmen and shareholders, justified appointment of a provisional liquidator under Section 450 of the Companies Act, 1956. The remedy was used to preserve the estate and prevent further dissipation of assets. Case-Laws Companies Law Mon, 26 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211736