https://www.taxtmi.com/caselaws?id=296590 A scheme of arrangement under section 208-C was held enforceable against the transferee company even after the transferor company's dissolution, because the transferee's liability was independent of dissolution and the Company Court was not functus officio. The shareholder's claim was not defeated by the option clause, as service of the required notice by the joint liquidators was not proved and the time limit never properly commenced. The claim was also within limitation under Article 137, running from the first unequivocal refusal, and the balance-sheet entry operated as acknowledgment of liability. Voluntary winding up and dissolution were not invalid for breach of the Air Corporations Act. en-us Fri, 14 Jul 1972 00:00:00 +0530 Thu, 29 Jul 2021 13:06:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296590 A scheme of arrangement under section 208-C was held enforceable against the transferee company even after the transferor company's dissolution, because the transferee's liability was independent of dissolution and the Company Court was not functus officio. The shareholder's claim was not defeated by the option clause, as service of the required notice by the joint liquidators was not proved and the time limit never properly commenced. The claim was also within limitation under Article 137, running from the first unequivocal refusal, and the balance-sheet entry operated as acknowledgment of liability. Voluntary winding up and dissolution were not invalid for breach of the Air Corporations Act. Case-Laws Companies Law Fri, 14 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296590