In Brief
The Supreme Court dismissed a special leave petition challenging the dismissal of an application for executing a sale deed in winding up proceedings against KOFL. The Court held that winding up proceedings should not be dismissed solely because no other creditor would substitute the original creditor, especially where secured creditors remain unsatisfied. Additionally, the Court ruled that without proper approval from a general meeting, a sale deed cannot be executed based merely on an agreement to sell. The decision prioritized the interests of secured creditors in insolvency proceedings.
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