Is there any company law expert ?
This query is : Resolved
CA Sahil Singla..
(Querist)
03 September 2011
Sir
What is the difference between Sec. 531 & Sec. 531A ?
I mean Sec. 531A says that transaction shall be void against the Liquidator. I am having two doubts-
1.What is the meaning of void against Liquidator.
2. From reading both sections it appears that both are same. Is sec 531A a special case of Sec 531 ? If yes, how ?
What is the difference between Sec. 531 & Sec. 531A ?
I mean Sec. 531A says that transaction shall be void against the Liquidator. I am having two doubts-
1.What is the meaning of void against Liquidator.
2. From reading both sections it appears that both are same. Is sec 531A a special case of Sec 531 ? If yes, how ?
Hari Beldona
(Expert)
03 September 2011
1.Section 531 enunciates transfer of property etc 6 months before the commencement of company winding up will be invalid as far as liquidator is concerned (Void against liquidator)
2.Section 531A enunciates transfer of property etc in the ordinary course of business even in good faith for valuable consideration if made with in a period of 1(one) year before the presentation of a petition for winding up by the Tribunal or passing of a resolution for voluntary winding up of the company, shall be void against the liquidator.]
Section 531A is avoidance of voluntary transfer
2.Section 531A enunciates transfer of property etc in the ordinary course of business even in good faith for valuable consideration if made with in a period of 1(one) year before the presentation of a petition for winding up by the Tribunal or passing of a resolution for voluntary winding up of the company, shall be void against the liquidator.]
Section 531A is avoidance of voluntary transfer
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