https://www.taxtmi.com/caselaws?id=213372 In winding-up proceedings, the Court rejected reimbursement of business losses, operating expenses and maintenance costs incurred by an auction purchaser while running the factory, as those trading results belonged to the purchaser and not to the Court. It applied restitutionary principles to permit refund of the sale consideration with interest, fixing a moderate rate after balancing the purchaser's use of the property against the impact on the company and creditors. The Court also required dismantled plant and machinery taken to Sri Lanka to be reinstalled and inspected at the purchaser's cost, and allowed company management inspection to protect creditors' and workmen's interests and preserve the possibility of a fresh auction. en-us Mon, 20 Dec 2010 00:00:00 +0530 Sun, 20 May 2012 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213372 In winding-up proceedings, the Court rejected reimbursement of business losses, operating expenses and maintenance costs incurred by an auction purchaser while running the factory, as those trading results belonged to the purchaser and not to the Court. It applied restitutionary principles to permit refund of the sale consideration with interest, fixing a moderate rate after balancing the purchaser's use of the property against the impact on the company and creditors. The Court also required dismantled plant and machinery taken to Sri Lanka to be reinstalled and inspected at the purchaser's cost, and allowed company management inspection to protect creditors' and workmen's interests and preserve the possibility of a fresh auction. Case-Laws Companies Law Mon, 20 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213372