https://www.taxtmi.com/caselaws?id=257839 Post-commencement arrangements that vary an earlier sale by granting possession and extending time for completion are treated as a disposition of company property after winding-up proceedings begin and are void under Section 536(2) of the Companies Act, 1956. The 1999 MOU and lease were therefore without legal effect. A claim for conveyance or specific performance must also be pursued within the limitation period under Article 54 of the Limitation Act, 1963; where performance was fixed for 31 December 1998 and demand was made in 2001, no proceeding brought within three years was time-barred. The applicant's request for relief failed on both statutory invalidity and limitation. en-us Fri, 29 Aug 2014 00:00:00 +0530 Tue, 24 Mar 2015 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257839 Post-commencement arrangements that vary an earlier sale by granting possession and extending time for completion are treated as a disposition of company property after winding-up proceedings begin and are void under Section 536(2) of the Companies Act, 1956. The 1999 MOU and lease were therefore without legal effect. A claim for conveyance or specific performance must also be pursued within the limitation period under Article 54 of the Limitation Act, 1963; where performance was fixed for 31 December 1998 and demand was made in 2001, no proceeding brought within three years was time-barred. The applicant's request for relief failed on both statutory invalidity and limitation. Case-Laws Companies Law Fri, 29 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257839