International Coach Builders Ltd vs Karnataka State Financial Corpn

The Supreme Court addressed the issue of the sale of assets during the winding up of a company under the Companies Act, 1956, specifically referencing Section 433 and Section 446(2)(b). The Court held that the Karnataka State Finance Corporation (KSFC) must sell the mortgaged properties jointly with the Official Liquidator under the supervision of the Company Judge, ensuring compliance with the winding-up proceedings. The outcome mandated that the sale proceeds be deposited in court for distribution as directed by the Company Judge.