Farokh S. Todywalla vs O.L. Of Vitta Mazda Ltd. on 14 June, 2005
He has also submitted that one of the objections raised by the Official Liquidator is with respect to the attachment of the concerned parcels of land by the Tax Recovery Officer under the Income tax Act. He has submitted that the attachment of the land by the Tax Recovery Officer shall not preclude this Court from validating the said transactions in exercise of powers conferred by Section 536(2) of the Act. In support of his contentions Mr. Kavina has relied upon the judgments in the matters of Re : Park Ward & Company Limited 261 Chancery Dvn. 828; Tulsidas Jasraj Parekh v. The Industrial Development Bank of Western India 32 BLR 953; J. Sen Gupta Private Limited (In Liquidation) AIR 1962 p-405; of S.P Khanna v. S.N Ghosh 1976 TLR 1740; in Re : T.W Construction Limited 24 Company Cases 180; of Bank of Tokyo-Mitsubishi Limited v. Essar Steel Limited 104 Company Cases 361.