M/S. ARCHEAN GRANITES LTD. vs M/S. RPS BENEFIT FUND LTD. .

The Supreme Court upheld the dismissal of the appellant's application regarding the sale of property under Section 531A of the Companies Act, 1956, ruling that the sale was void due to lack of bona fide intent and undervaluation. The Court found that the sale occurred during the winding-up proceedings and that the appellant failed to demonstrate that the sale proceeds were used to discharge the company's liabilities. The Court affirmed the High Court's decision, emphasizing the need for equitable solutions in such transactions.