3.0 SOME IMPORTANT JUDGEMENTS
- The Karnataka High Court held that where liability of a company was more than its assets and it was unable to clear debts of creditors, company was to be ordered to wound up.
- The Karnataka High Court held that winding up petition on basis of acknowledgement by company of outstanding consultancy fees after expiry of period of limitation would not be admissible.
- The Calcutta High Court held that transfer of any property upon sanction of a scheme of amalgamation under Companies Act would not be exempt from stamp duty
Section 531A read with section 531:
The Delhi High Court held that ignorance of filing of winding up petition against company-
in-liquidation at time of execution of agreement to sell in respect of its property, would not