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SAMEER JAIN
Official Liquidator of M/s Sequel Infocom Private Limited – Appellant
Versus
Srinivas Kaja son of Purn Chand Kaja – Respondent
JUDGMENT :
Sameer Jain, J.
1. S.B. Company Application No. 19/2018 is filed under Sections 531, 531A, 533, 536(2), 537, 456 & 468 of the Companies Act, 1956 read with Rule 6 & 9 of the Company (Court) Rules, 1959, seeking directions for declaration of the sale deed dated 25.05.2011 executed inter-se respondents-directors & respondents-purchasers null & void and handing over peaceful possession qua the disputed property to the petitioner.
2. For the sake of convenience, the provisions relied upon by the learned counsel are enumerated below:
| Provisions of law | Head note | Statute |
| Section 456 | Custody of Company’s Property | The Companies Act, 1956 |
| Section 468 | Delivery of property to liquidator | The Companies Act, 1956 |
| Section 531 | Fraudulent preference | The Companies Act, 1956 |
| Section 531A | Avoidance of voluntary transfer | The Companies Act, 1956 |
| Section 533 | Liabilities and rights of certain fraudulently preferred persons | The Companies Act, 1956 |
| Section 536(2) | Avoidance of transfers, etc., after commencement of winding up | The Companies Act, 1956 |
| Section | ||
The sale of property during winding up proceedings is void if executed without court sanction and with fraudulent intent to evade creditors' claims.
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 ....
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....
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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