https://www.taxtmi.com/caselaws?id=312840 The court determined that several sale transactions could not be validated due to the applicants' awareness of the winding-up proceedings and insufficient evidence of bona fide nature. However, for transactions where purchasers lacked knowledge of these proceedings, the court declared them invalid but imposed conditions for refunding the sale consideration with interest to safeguard purchasers' interests. The court instructed the Official Liquidator to assess applicants' claims following statutory priorities, ensuring equitable distribution among creditors. en-us Thu, 24 Nov 2005 00:00:00 +0530 Mon, 11 Mar 2024 17:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312840 The court determined that several sale transactions could not be validated due to the applicants' awareness of the winding-up proceedings and insufficient evidence of bona fide nature. However, for transactions where purchasers lacked knowledge of these proceedings, the court declared them invalid but imposed conditions for refunding the sale consideration with interest to safeguard purchasers' interests. The court instructed the Official Liquidator to assess applicants' claims following statutory priorities, ensuring equitable distribution among creditors. Case-Laws Companies Law Thu, 24 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312840