Principle

COMPANY LAW — Liquidation — Statutory Powers — Section 224 of Companies Act, 1968 — Custody of Company Property

Area of law
COMPANY LAW
Court
Supreme Court

The liquidator may take custody of property that appears to belong to the company. Ownership need not be finally determined. The action is preservative, not adjudicative. The principle applies to winding-up proceedings. The liquidator acts to prevent dissipation. The court will later determine ownership if…

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