Thursday, March 15, 2012

3.0 SOME IMPORTANT JUDGEMENTS

Section 433:

  • 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.
Section 394:


  • 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 
validate transaction.

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