2017-TIOLCORP-30-HC-MUM-CA

Companies Act And Modi Stone Ltd

Whether the alleged permission granted by liquidating company for creation of sub-lease after commencement of winding up without obtaining permission of the Company Court is void - YES : HC

Whether in case of a sick company which has not passed any resolution for voluntary winding up, the date of commencement of winding up would be the date when reference is made by BIFR to the Company Court for winding up of such company - YES: HC

Whether in case of winding up by the Company Court, any disposition of property of the company made after the commencement of the winding up, shall, unless the Court otherwise orders, be void - YES: HC

Whether execution of sub lease can be said to be in the interest of the company or in the ordinary course of business if such sub lease is granted by the company when it was declared as a sick company & is in liquidation - NO: HC

Whether directions and/or orders of Company Court passed in company applications as well as in Official Liquidator's report shall have equal force of law and shall be treated as judicial order - YES: HC

Whether High Court has ample power to consider the rights of sub lessee while considering an issue whether the said transaction of the alleged sub-lease which is entered into after commencement of the winding up proceedings is void or not - YES : HC

Whether Official Liquidator will have to file a suit for eviction of sub lessee if the sublease itself is void - NO: HC

Whether power to decide the issues relating to disposal of property of the company in liquidation as being after the commencement of winding up or not or otherwise being void or not vests with the Company Court and not with the court of small causes - YES: HC

Whether a Court can declare subject transaction as void but cannot do any thing further unless the suit filed before the Small Causes Court is transferred to this Court- NO : HC

Whether rights of the lessee, if any, under section 108(j) of the Transfer of Property Act are subordinate to winding up provisions under the Companies Act, 1956 - YES : HC

Whether a transaction of grant of sub lease can be said to be at arms length and bona fide if such sub-lease is granted only for a meager amount considering the property is located in posh locality & is commanding a much higher price - NO: HC

- Case Disposed of: BOMBAY HIGH COURT

 

 

GST Rates- A quick look! (TIOL)

Slowdown in productivity growth impacts living standards: OECD (TIOL)

PM Modi to inaugurate annual meeting of AfDB (TOG)

India, Singapore kick off bilateral excercise SIMBEX-17 (TOG)

Transfer of cases to call book - Whether just and legal (TOG)