TMI Blog1976 (1) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... ond Additional Subordinate Judge of Coimbatore, passed in E.A. No. 201/74 in E.P. No. 359/1973 in S.C. No. 721 of 1972, whereunder the relief of the official liquidator to hold that the sale held on February 28, 1974, without the leave of the court was void and to direct respondents Nos. 2 to 4 to restore to the petitioner the assets purchased by them in the sale held on February 28, 1974, was gra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s belonging to the company under liquidation took place on February 28, 1974, which resulted in realisation of a sum of Rs. 2,700 odd and less poundage the net proceeds realised was Rs. 2,567.50. Out of that amount Rs. l,777.20 was paid over to the decree-holder. Under these circumstances, E.A. No. 201/1974 was taken out and the learned Subordinate Judge allowed that petition. Mr. Nainar Sundara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in upholding the contention of the learned official liquidator. Mohd. Ibrahim;s case ( supra ) dealt with a situation arising under the old Companies Act and even otherwise that case is of no assistance to the revision-petitioner. In order that a decree may be binding upon an official liquidator, leave will have to be obtained to continue the proceedings under section 446 or the correspondi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eaking, the effect of setting aside the sale by the learned Subordinate Judge and my upholding that order would mean that the status quo ante should be restored, inasmuch as what were the subject-matter of the sale were only movables, I do not think it necessary to direct the prevalence of status quo ante. Instead, the entire sale proceeds will be paid over to the official liquidator. As seen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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