https://www.taxtmi.com/caselaws?id=387483 The Supreme Court upheld the revival of winding up proceedings against KOFL, emphasizing the importance of securing the interests of unsatisfied creditors. Additionally, the Court dismissed the application for executing a sale deed based on a collusive agreement to sell, citing non-compliance with Section 293(1) of the Companies Act, 1956, which requires approval from the general meeting for the sale of a company's substantial property. The Court found the agreement did not transfer any rights and reflected preferential treatment, leading to the application's dismissal. en-us Thu, 17 Oct 2019 00:00:00 +0530 Mon, 07 Mar 2022 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387483 The Supreme Court upheld the revival of winding up proceedings against KOFL, emphasizing the importance of securing the interests of unsatisfied creditors. Additionally, the Court dismissed the application for executing a sale deed based on a collusive agreement to sell, citing non-compliance with Section 293(1) of the Companies Act, 1956, which requires approval from the general meeting for the sale of a company's substantial property. The Court found the agreement did not transfer any rights and reflected preferential treatment, leading to the application's dismissal. Case-Laws Companies Law Thu, 17 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387483