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High Court

Bombay High Court Dismisses State's Appeals in Liquidation Priority Dispute — Official Liquidator's Statutory Lien Under Section 529A of Companies Act Prevails Over State's Claim Under MPID Act. The court held that the Companies Act, 1956, being a special statute for winding up, overrides the MPID Act, 1999, and the Official Liquidator's lien for workmen and secured creditors is paramount.

25 Aug 2022

The case involves two appeals filed by the State of Maharashtra against orders of the Company Court dated 9th June 2017, which rejected the State's cl...

High Court

Bombay High Court Quashes Tender Process for Unilateral Reduction of Upset Price in Co-operative Bank Property Sale. Tender Authority Cannot Reduce Upset Price After Issuance of Tender Notice Without Fresh Tender Process.

21 Jan 2022

The case involves two writ petitions challenging the decision of the Buldhana District Co-operative Agricultural Rural Multipurpose Development Bank L...

Supreme Court

Supreme Court Dismisses Contempt Petitions Against WPL in Super Bazar Revival Case — No Willful Disobedience of Orders Found. Revival Scheme Implemented Under Court Supervision; Payments Made as Directed.

5 Mar 2020

The judgment pertains to contempt petitions filed against M/s Writers and Publishers Pvt. Ltd. (WPL) alleging willful disobedience of court orders in ...

Supreme Court

Supreme Court Allows IDBI Bank's Appeal in Winding Up Case — Revival of Winding Up Proceedings Set Aside and Sale Deed Directed to Be Executed. Agreement to Sell Not Fraudulent Preference Under Section 531 of Companies Act, 1956 as Executed Beyond Six-Month Period and Bona Fide.

17 Oct 2019

The Supreme Court considered two appeals by IDBI Bank (erstwhile United Western Bank) against judgments of the Madras High Court relating to the windi...

High Court

Bombay High Court Allows ONGC to Complete Contract Work of Wound-Up Company to Protect Bank Guarantees and Public Interest. The court held that the Official Liquidator can permit completion of a contract awarded to a company in liquidation where substantial work is done, to protect public interest and avoid loss to guarantor banks.

6 Dec 2018

The case involves an appeal by Oil and Natural Gas Corporation (ONGC) against an order of the Company Judge in the winding up proceedings of GOL Offsh...

High Court

High Court of Karnataka Dismisses Shareholder's Application for Official Liquidator Supervision of SARFAESI Sale — Secured Creditor's Right to Sell Under SARFAESI Act Prevails Over Company Court's Supervisory Jurisdiction. The court held that a promoter-shareholder of a company in liquidation cannot seek supervision of the sale of secured assets by a secured creditor under the SARFAESI Act, 2002, as the secured creditor has an independent right to sell without interference from the Company Court.

11 Nov 2016

The applicant, Rashmi Thakeria, a promoter-shareholder of Natural Textiles Private Limited (in liquidation), filed C.A.No.969/2015 seeking a direction...

High Court

Bombay High Court Validates Pledge and Transfer of Shares by Company in Liquidation Under Section 536(2) of Companies Act, 1956 — Transaction Held to Be for Benefit of Company and Creditors. Post-petition pledge of shares as security for raw material supply and subsequent transfer validated as bona fide and in ordinary course of business.

22 Jul 2015

The judgment concerns an application filed by Garware Marine Industries Limited (the Applicant) seeking validation under Section 536(2) of the Compani...

High Court

Bombay High Court Dismisses Appeal Seeking Permanent Stay of Winding Up of Svadeshi Mills Company Limited. Section 466 of Companies Act, 1956 does not permit stay of winding up after assets have been sold and substantial progress made in liquidation.

23 Aug 2013

The case concerns an appeal against the dismissal of a company application under Section 466 of the Companies Act, 1956, seeking a permanent stay of t...

High Court

Bombay High Court Dismisses Appeal Against Official Liquidator's Report Seeking Declaration of Sale as Null and Void in Company Liquidation. Transfer of Leasehold Rights by Company in Liquidation Without Court Sanction Held Invalid Under Section 536(2) of Companies Act, 1956.

11 Jan 2013

The appeal arose from a judgment of the learned Company Judge allowing the Official Liquidator's report seeking a declaration that the sale of immovab...

High Court

Bombay High Court Allows Municipal Corporation's Petition Against Rejection of Leave to Join Liquidator in Consumer Complaint. Section 107 of Maharashtra Cooperative Societies Act, 1960 does not require notice to Liquidator before granting leave to sue.

3 Aug 2011

The petitioner, Akola Municipal Corporation, had deposited Rs. 1,31,00,000 with the respondent no.1 Bank in a fixed deposit for 31 days at 9.5% intere...

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