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High Court

Madras High Court Allows Legal Heirs to Continue Winding-Up Proceedings as Representatives of Deceased Contributory in Company Liquidation. The court held that under Section 430 of the Companies Act, 2013, legal heirs can represent the estate of a deceased contributory without formal substitution under CPC Order 22 Rule 3.

29 Jan 2025

The judgment pertains to a series of company applications filed in the winding-up proceedings of M/s. Maxworth Orchards (India) Ltd. The original appl...

High Court

Madras High Court Allows TIIC's Recovery Petition Against Guarantors in SFC Act Case — Guarantors Held Jointly and Severally Liable Despite Company's Winding Up. Liability of Guarantors Under Sections 31(a) and 31(aa) of State Financial Corporations Act, 1951 Survives Liquidation of Principal Borrower and Receipt of Amount from Official Liquidator.

7 Jan 2025

The petitioner, Tamil Nadu Industrial Investment Corporation Limited (TIIC), a State Financial Corporation, filed an original petition under Sections ...

Supreme Court

Supreme Court Allows Financial Creditor's Appeal for Transfer of Winding Up Proceedings to NCLT. The Court held that the proviso to Section 434(1)(c) of the Companies Act, 2013 permits any party to apply for transfer, and the High Court's rejection based on compliance with Rule 24 and existence of a winding up order was erroneous.

22 Sep 2020

The appeal arose from an order of the Company Court (High Court of Allahabad) refusing to transfer a winding up petition to the National Company Law T...

Supreme Court

Supreme Court Allows Secured Creditor's Winding Up Petition Despite DRT Decree — Recovery of Debts Act Does Not Bar Winding Up Proceedings Under Companies Act. Secured Creditor Need Not Relinquish Security Before Admission of Winding Up Petition; Election Arises Only After Winding Up Order Under Section 529 Companies Act, 1956.

29 Jan 2019

The case involves the right of a secured creditor, Kotak Mahindra Bank Ltd., to file a winding up petition under the Companies Act, 1956, after having...

High Court

High Court of Karnataka Quashes Tax Demand Against Auction Purchaser in Gram Panchayat Property Dispute — Liability for Pre-Sale Arrears Not Passed to Purchaser Under Karnataka Gram Swaraj and Panchayat Raj Act, 1993. The court held that Section 111 of the Act does not create a charge on property for tax arrears, and the Gram Panchayat cannot recover pre-sale arrears from an auction purchaser who bought the property from the Official Liquidator.

4 Jul 2017

The petitioner, M/s. Mandeep Buildtech (India) Private Limited, purchased a property from the Official Liquidator of M/s. Machinery Manufacturers Corp...

High Court

Bombay High Court Quashes Sales Tax Notices Against Axis Bank in Liquidation Proceeding — No Liability for Tax Deducted at Source Under MVAT Act After Company's Winding Up. The Court held that the State cannot recover tax from a secured creditor who had no obligation to deduct tax at source under Section 42 of the Maharashtra Value Added Tax Act, 2002, as the deduction obligation arises only when payment is made to the dealer, and after winding up, the Official Liquidator is the proper authority.

7 Mar 2017

The petitioner, Axis Bank Ltd., a banking company, filed a writ petition under Article 226 of the Constitution of India before the Bombay High Court s...

High Court

Bombay High Court Dismisses Appeal by Bank in Possession Suit, Upholds Trial Court's Decree for Possession and Mesne Profits. Counterclaim for Specific Performance of Sale Contract Dismissed as Unenforceable Due to Lack of Registered Agreement and Failure to Prove Readiness and Willingness.

1 Aug 2014

The case involves a dispute over immovable property, Municipal House No.9 at Ahmedpur, consisting of a godown, three rooms, and open space on a plot o...

High Court

Bombay High Court Dismisses Appeal Seeking Confirmation of Share Transfer in Wound-Up Company Due to Inordinate Delay and Lack of Evidence. Section 536(2) of Companies Act, 1956 requires timely application and proof of bona fide transfer before winding up order.

22 Feb 2012

The appellant, Rathnam P.V., filed an appeal against the order of the Company Judge dismissing his application under Section 536(2) of the Companies A...

High Court

Bombay High Court Allows State of Kerala's Claim for Sales Tax Arrears in Liquidation, Holding Section 26B of Kerala General Sales Tax Act Overrides Companies Act Priority. The court directed the Official Liquidator to release Rs.68,55,885/- to the State, recognizing the first charge created by Section 26B over the claims of secured creditors and workmen.

11 Aug 2010

The State of Kerala filed an application before the Bombay High Court seeking an order directing the Official Liquidator of Poysha Industrial Company ...

Supreme Court

Supreme Court Allows Official Liquidators' Appeal in Company Winding-Up Rent Claim Dispute. Landlord's Claim for Rent Priority Denied as Proviso to Rule 97 of Company Rules Does Not Grant Precedence Over Other Creditors.

10 Nov 1959

The dispute arose out of the winding up of U. P. Union Bank Ltd. The bank was a tenant in a building owned by the respondent landlord. After the windi...

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