https://www.taxtmi.com/caselaws?id=459561 After recall of the winding up order and cessation of the Official Liquidator's provisional role, possession of mortgaged assets could be restored to the secured creditor because no legal impediment remained to return the assets. The decision also noted that expenses incurred by the Official Liquidator for protecting the assets had already been fastened on the company's directors under the recall order, so those costs could not instead be recovered from the sale proceeds of the assets. The material principle stated is that restoration of possession follows recall of winding up, while liability for protective expenses must conform to the existing allocation made by the recall order. en-us Fri, 19 Dec 2014 00:00:00 +0530 Wed, 18 Dec 2024 19:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459561 After recall of the winding up order and cessation of the Official Liquidator's provisional role, possession of mortgaged assets could be restored to the secured creditor because no legal impediment remained to return the assets. The decision also noted that expenses incurred by the Official Liquidator for protecting the assets had already been fastened on the company's directors under the recall order, so those costs could not instead be recovered from the sale proceeds of the assets. The material principle stated is that restoration of possession follows recall of winding up, while liability for protective expenses must conform to the existing allocation made by the recall order. Case-Laws Indian Laws Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459561