https://www.taxtmi.com/caselaws?id=214220 The High Court held that challenging the validity of a sale made by the first respondent was not feasible as the Official Liquidator did not object at the time of sale. The Court emphasized the need for transparency in sales of a company-in-liquidation and directed the Official Liquidator to adjudicate claims of workmen and secured creditors for proportional distribution of sale proceeds. Secured creditors were instructed to file claims and deposit amounts accordingly, with a warning of legal consequences for non-compliance. The Court clarified that a respondent with no claim was not bound by the application's observations, ultimately disposing of the case. en-us Thu, 29 Mar 2012 00:00:00 +0530 Wed, 13 Feb 2013 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214220 The High Court held that challenging the validity of a sale made by the first respondent was not feasible as the Official Liquidator did not object at the time of sale. The Court emphasized the need for transparency in sales of a company-in-liquidation and directed the Official Liquidator to adjudicate claims of workmen and secured creditors for proportional distribution of sale proceeds. Secured creditors were instructed to file claims and deposit amounts accordingly, with a warning of legal consequences for non-compliance. The Court clarified that a respondent with no claim was not bound by the application's observations, ultimately disposing of the case. Case-Laws Companies Law Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214220