https://www.taxtmi.com/caselaws?id=212839 The court dismissed the application seeking to declare a sale null and void under Section 537 of the Companies Act. Despite acknowledging the sale during the petition period, the court found that the former directors acted in good faith due to financial difficulties faced by the company. The court noted payments made by the respondents post-winding up to settle dues and directed the fourth respondent to cover advertisement expenses for potential claims. No refund direction was issued to the respondents, emphasizing fair asset distribution and leaving room for further directions if other claims surfaced. en-us Thu, 08 Mar 2012 00:00:00 +0530 Mon, 23 Apr 2012 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212839 The court dismissed the application seeking to declare a sale null and void under Section 537 of the Companies Act. Despite acknowledging the sale during the petition period, the court found that the former directors acted in good faith due to financial difficulties faced by the company. The court noted payments made by the respondents post-winding up to settle dues and directed the fourth respondent to cover advertisement expenses for potential claims. No refund direction was issued to the respondents, emphasizing fair asset distribution and leaving room for further directions if other claims surfaced. Case-Laws Companies Law Thu, 08 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212839