decided on 24th May 2013, where on an application filed
under Section 536(2) read with Section 537(1) of the
Companies ... arguments could be
32
concluded, the respondent filed an application under Section
536(2) r/w. Section 537(1)(b) of the Companies
Section 458-A , notwithstanding anything contained in the Limitation Act or any other law for the time being in force.
11.7. Coming to Section 536 ... Section 29(2) would automatically follow. These consequences are: (i) Section 3 of the Limitation Act would apply; and (ii) the provisions of Sections
report and declare the sale is
void in terms of Section 536 and 537 of the Companies Act; To direct the
Respondents ... properties of the
company in liquidation (the Company) in terms of Sections 536 and 537 of the
Companies Act, 1956 (CA 1956). An ex-director
view of the fact that the last portion of sub-Section (2) of Section 536 contains a rider in the form of the phrase ... while considering the effect of Section 227(2) of the 1913 Companies Act (which is equivalent to Section 536 ) that generally any bona fide transaction
introducing proviso to section 529 and introduction of section 529A will be frustrated. In the first instance section 536(2) or section ... company are warned that in cases covered by sub-section (2) of section 536 or section 537(1)(b) any transaction falling within that section
transaction was bona fide and in terms of Sub-section (2) of Section 536 of the Companies Act, 1956, all transactions are not ab initio ... void against the official liquidator in terms of Sub-section (2) of Section 536 of the Companies Act. He would also submit that the judgments
considered the provisions of section 227(2) of the Companies Act,
1913 which are analogous to the provisions of section 536(2) of the
present ... winding up order. The Division Bench held
that sub-section (2) of section 536 clearly permits making of such an order
by the Court after
effective and efficient working of the respondent-company. Under sub-section (2) of section 536 of the Act, in the case of winding ... void under the said section. The expression "unless the court otherwise orders" in sub-section (2) of section 536 casts a duty
construction of section 227 of the Companies Act, 1948, which is in pari materia with sub-section (2) of section 536 of the Companies ... scope of the jurisdiction of the court under sub-section (2) of section 536 , the Division Bench has in no uncertain terms observed that
provisions of section 227(2) of the Companies Act, 1913 were being considered. Section 227(2) was identical to section 536(2) of the present ... Petition No. 296 of 1998 submits that section 138 of the Negotiable Instruments Act and section 536(2) of the Companies Act operate in entirely
