Case Law Details
Case Name : Laxman Yeswant Prabhudesai Vs NRC Ltd. (Bombay High Court)
Appeal Number : Appeal No. 461 of 2009
Date of Judgement/Order : 22/03/2010
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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If the business is going to be paralysed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of shareholders and creditors that such a power is conferred and must be exercised under section 536(2) of the Companies Act.
CASE LAWS DETAILS
HIGH COURT OF BOMBAY
Laxman Yeswant Prabhudesai Vs NRC Ltd.,
Appeal No. 461 of 2009 in Company Application No. 593 of 2008 in Company Petition No. 731 of 1998,
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Can you please clarify position of one case with previous decisions under section 536(2) of companies act . A company went into liquidation and not disclosed its assets and in meanwhile and in the course of business what it is doing as running business sold plots and authorised person registered plots and received money into their account. later it disclosed the asset as their own and attached.What is the remedy available under section 536(2).How the right of plot owner protected.
Very good