https://www.taxtmi.com/caselaws?id=390981 The court declared transactions between M/s. GOL Offshore Limited and M/s. Arambhan Hospitality Services Limited as void under Section 536(2) of the Companies Act, 1956, as they occurred after the commencement of winding-up proceedings and were not in the best interest of the company. The consent terms dated 24th October 2016 were not validated, and M/s. Arambhan Hospitality Services Limited was directed to refund Rs. 4,07,99,612/- to the Official Liquidator with interest. Payments made by the company in liquidation were not ratified as they were not proven to be in the ordinary course of business or beneficial for the company. en-us Tue, 14 Jan 2020 00:00:00 +0530 Wed, 06 May 2020 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390981 The court declared transactions between M/s. GOL Offshore Limited and M/s. Arambhan Hospitality Services Limited as void under Section 536(2) of the Companies Act, 1956, as they occurred after the commencement of winding-up proceedings and were not in the best interest of the company. The consent terms dated 24th October 2016 were not validated, and M/s. Arambhan Hospitality Services Limited was directed to refund Rs. 4,07,99,612/- to the Official Liquidator with interest. Payments made by the company in liquidation were not ratified as they were not proven to be in the ordinary course of business or beneficial for the company. Case-Laws Companies Law Tue, 14 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390981