Dispute Over Ownership of Property during Liquidation Process under Company Law: Madras HC directs...

The Madras High Court has intervened in a dispute over property ownership during a company's liquidation process, directing the Official Liquidator to value the building through ITCOT within days. This directive aims to expedite the resolution of asset distribution in a winding-up scenario. ITCOT (Industrial and Technical Consultancy Organisation of Tamil Nadu Ltd.) is likely a government-approved valuation agency. The court's prompt action ensures a fair and timely assessment of the property's value, which is crucial for settling claims of creditors and shareholders, highlighting the judiciary's role in ensuring efficient and transparent liquidation proceedings under company law.