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HIGH COURT OF BOMBAY
Arif S. Doctor, J
M.M. Styles Private Limited – Appellant
Versus
Milestone Interactive Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. timeline of winding-up petition and property sales. (Para 1 , 1) |
| 2. section 536(2) renders dispositions voidable, court validates bona fide. (Para 2 , 3 , 4 , 5 , 6) |
| 3. bona fide transaction with diligence benefited creditors. (Para 7 , 8 , 9 , 10 , 11 , 12) |
| 4. ex-directors knew petition; no commercial compulsion. (Para 13 , 14 , 15 , 16 , 17) |
| 5. second transaction invalid as derivative and post-notice. (Para 18 , 19 , 20) |
| 6. sale proceeds settled all creditor dues. (Para 21 , 22 , 23 , 24) |
| 7. void means voidable; validate beneficial, bona fide transactions. (Para 25) |
1. Since the captioned Interim Application and the Official Liquidator’s Report (“OLR”) are intrinsically linked and the issues which arise for determination in both are really two sides of the same coin, by consent of the Learned Counsel, they were heard together and are being disposed of by this common order. For convenience, reference to the parties shall be as they appear in the Interim Application.
The facts in brief:
i. The captioned company petition (“the said petition”) was presented on 27th April 2015 under the provisions of Section 433 of the Companies Act, 1956 (“the Companies Act”), seeking the w
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