A.P. State Financial Corporation vs Official Liquidator

The Supreme Court examined the legality of conditions imposed by the High Court under Section 29 of The State Financial Corporations Act, 1951 and Sections 529 and 529A of the Companies Act. The Court held that the conditions requiring the appellant to discharge liabilities to workers and to inform the Official Liquidator before selling properties were lawful and necessary to protect workers' rights during liquidation. The appeals were dismissed, affirming the High Court's orders.