https://www.taxtmi.com/caselaws?id=459712 The HC held that a State Financial Corporation cannot take possession of company assets after winding up order is passed. Following SC precedents, the court ruled that RFC must deposit the entire auction amount received from sale of company assets with the Official Liquidator within seven working days, along with accrued interest. The OL will distribute proceeds among creditors according to statutory priorities under Companies Act provisions. RFC remains entitled to receive amounts due as secured creditor per statutory provisions. The court imposed exemplary costs of Rs. One lac on RFC for frivolous defense, payable to State Legal Services Authority within ten weeks. en-us Fri, 17 Jul 2015 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459712 The HC held that a State Financial Corporation cannot take possession of company assets after winding up order is passed. Following SC precedents, the court ruled that RFC must deposit the entire auction amount received from sale of company assets with the Official Liquidator within seven working days, along with accrued interest. The OL will distribute proceeds among creditors according to statutory priorities under Companies Act provisions. RFC remains entitled to receive amounts due as secured creditor per statutory provisions. The court imposed exemplary costs of Rs. One lac on RFC for frivolous defense, payable to State Legal Services Authority within ten weeks. Case-Laws Companies Law Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459712