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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
THE HONOURABLE SRI JUSTICE K.LAKSHMAN
M/S SHREE JAGANNTH STEELS LTD. ( IN LIQN.) HYDERABAD – Appellant
Versus
INDIAN BANK CHENNAI – Respondent
HON’BLE SRI JUSTICE K. LAKSHMAN COMPANY APPLICATION Nos. 1348 OF 2005, 259, 561, 735 &
736 OF 2007 AND 969 OF 2014 IN COMPANY PETITION No.236 OF 1998
COMMON ORDER
Heard Mr. M. Anil Kumar, learned counsel for the Official Liquidator in COMPA No.561 of 2007 and respondent in COMPA No.969 of 2014, Mr. T. Surya Satish, learned counsel for the applicant in COMPA No.735 of 2007 and respondent Nos.2 and 3 in COMPA No.561 of 2007, Mr. V.S. Raju, learned counsel for the applicant in COMPA No.259 of 2007 and respondent in COMPA No.1348 of 2005 and Mr. Satish, learned counsel representing Mrs. Nandini S. Bilolikar, learned counsel for the applicant in COMPA No.969 of
2014 and respondent in COMPA No.561 of 2007.
2. Originally, all the above said Company Applications arise out of Company Petition No.236 of 1998 filed under Sections - 433 (e), 434 (1) (a)
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 ....
Sale of property by a company before winding up is void against the liquidator if it lacks good faith and adequate consideration, even if transactions are valid inter partes.
A secured creditor must involve the Official Liquidator in the auction of assets during liquidation proceedings, as statutory compliance is essential to protect creditor interests and ensure transpar....
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....
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