https://www.taxtmi.com/caselaws?id=751125 A transfer of mortgaged company property was sustained where it was made with the secured creditor's participation, followed correspondence between the parties, and was not shown by reliable material to be collusive, grossly undervalued, or intended to siphon sale proceeds; the avoidance provisions of the Companies Act, 1956 were therefore not attracted. Once the sale was upheld, the Official Liquidator had no basis to continue sealing the property, and the purchaser was entitled to de-sealing and restoration of possession. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sun, 07 Apr 2024 05:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751125 A transfer of mortgaged company property was sustained where it was made with the secured creditor's participation, followed correspondence between the parties, and was not shown by reliable material to be collusive, grossly undervalued, or intended to siphon sale proceeds; the avoidance provisions of the Companies Act, 1956 were therefore not attracted. Once the sale was upheld, the Official Liquidator had no basis to continue sealing the property, and the purchaser was entitled to de-sealing and restoration of possession. Case-Laws Companies Law Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751125