IDBI BANK LIMITED THROUGH DGM (LEGAL) vs THE OFFICIAL LIQUIDATOR, OFFICE OF THE OFFICIAL LIQUIDATOR OF COMPANIES AND ANR

The Supreme Court upheld the High Court's dismissal of IDBI Bank's application for execution of a sale deed concerning property owned by Kothari Orient Finance Limited (KOFL), which was in winding up proceedings under Section 433(e) and (f) and Section 434 of the Companies Act, 1956. The Court emphasized that the execution of the sale deed could not proceed due to the ongoing winding up process, which prioritizes the interests of creditors. Consequently, the petitions were dismissed, affirming the High Court's decision to revive the winding up proceedings against KOFL.