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2011 (9) TMI 838 - HC - Companies LawWinding up - application for recalling of the order of winding up – company gave an undertaking to the RBI that it would not alienate any of its assets without the prior approval of the RBI - By order dated 14-5-1998, RBI directed company not to sell, transfer, create any charge or mortgage or deal with its properties and assets - deed of lease was executed by the said company in favour of the appellant - Company Petition was filed by the creditor of the company for its winding up - order was passed for winding up of company – Held that:- document executed by company (in liquidation) in favour of appellant allowing to take possession was void, illegal and inoperative and as such it had no locus standi to remain in possession - Trial Judge directed appellant to deliver possession of property to Official Liquidator - On appeal, appellant contended procedure adopted by trial Judge was not in due process of law
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