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Company Property Transfer to Promoters Without Consideration is Fraudulent Preference: Bombay HC
Case Law Details
- Case Name
- Indage Vineyard Pvt. Ltd. Vs Kotak Mahindra Bank Ltd (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Indage Vineyard Pvt. Ltd. Vs Kotak Mahindra Bank Ltd (Bombay High Court)
The Bombay High Court considered an Official Liquidator’s Report seeking a declaration that the transfer of agricultural land owned by a company under liquidation was void under Section 531(1) of the Companies Act, 1956. The Official Liquidator contended that the property had been transferred to the company’s promoters through board and shareholder resolutions followed only by mutation entries in the land records, without any transfer instrument or registered conveyance. The winding-up petition had al...
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