https://www.taxtmi.com/caselaws?id=200792 In winding up, the liquidator may seek directions by application in the company court, because the company's property is already in custodia legis and the matter is not treated as an ordinary suit for recovery. Security documents over movables and immovable property may authorise the creditor to retain possession and exercise private sale powers where the instruments so provide, subject to the governing law; property outside the security must be delivered to the liquidator. A security arrangement that leaves the company in possession and business does not, by itself, amount to disposal of the undertaking under section 293(1)(a), but a clause allowing takeover of management is invalid to that extent if severable. en-us Fri, 30 Aug 1968 00:00:00 +0530 Mon, 23 Apr 2018 17:50:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200792 In winding up, the liquidator may seek directions by application in the company court, because the company's property is already in custodia legis and the matter is not treated as an ordinary suit for recovery. Security documents over movables and immovable property may authorise the creditor to retain possession and exercise private sale powers where the instruments so provide, subject to the governing law; property outside the security must be delivered to the liquidator. A security arrangement that leaves the company in possession and business does not, by itself, amount to disposal of the undertaking under section 293(1)(a), but a clause allowing takeover of management is invalid to that extent if severable. Case-Laws Indian Laws Fri, 30 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200792