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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ABHAY AHUJA
Mahavir Civil Engineering And Services Pvt. Ltd. – Appellant
Versus
Jalgaon Peoples Co-Operative Bank Ltd – Respondent
| Table of Content |
|---|
| 1. procedural assignment and order modifications. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11) |
| 2. jv formation, subcontracts, financial crisis timeline. (Para 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 3. 2019 agreements benefit company; prior findings binding. (Para 29 , 30 , 31 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43) |
| 4. transactions not beneficial; invalid for stamp, approval lacks. (Para 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56) |
| 5. ol seeks voidance; rejoinder upholds agreements' validity. (Para 57 , 58 , 59 , 60 , 61 , 62 , 63 , 64 , 65 , 66) |
| 6. section 536(2) allows validation of bona fide dispositions. (Para 67 , 68 , 69 , 70 , 71 , 72 , 73 , 74 , 75 , 76) |
| 7. agreements bona fide, expedient for company interest. (Para 77 , 78 , 79 , 80 , 81 , 82 , 83 , 84 , 85 , 86 , 87 , 88 , 89 , 90 , 91 , 92 , 93) |
| 8. stamp defect curable; vidc approval inconsequential. (Para 94 , 95 , 96 , 97 , 98 , 99 , 100 , 101 , 102 , 103 , 104 , 105 , 106 , 107) |
| 9. validate 2019 agreements; reject ol report. (Para 108 , 109 , 110 , 111) |
ORDER :
ABHAY AHUJA, J.
1. By an administrative order of the Hon’ble The Chie
Court discretion under Section 536(2) validates interregnum dispositions if bona fide, fair, in company/JV interest, preventing paralysis, ensuring project completion/public benefit.
Under Section 536(2), post-petition dispositions voidable; court validates bona fide property transfers benefiting creditors via fair value payments where buyer ignorant via due diligence, despite di....
Transactions executed after the commencement of winding-up proceedings are void under Section 536(2) of the Companies Act unless validated by the court, reinforcing the need for evidence that such tr....
Section 536(2) of the Companies Act, 1956 allows the court to validate bona fide transactions made after the commencement of winding up, emphasizing the importance of protecting legitimate interests ....
The Assignment Deed was deemed valid despite the Appellant's objections, confirming the debt and default necessary for admitting the Financial Creditor's Section 7 application.
The assignment of debt under the SARFAESI Act is valid even if the document is inadequately stamped, as registered documents are presumed adequately stamped.
An investor is not liable for stamp duty on an investment agreement if no assets or rights are transferred, as per provisions of relevant law.
Share transfers made after the commencement of winding up are void unless sanctioned by the court, and must be justified as beneficial to the company.
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