The Bombay High Court on 21 October declared five of 44 paintings, including works by M.F. Husain, as assets of Mafatlal Dyes & Chemicals Limited, which is undergoing liquidation, allowing their sale to realise proceeds for the company’s creditors and other stakeholders.
Justice Somasekhar Sundaresan considered rival ownership claims over the paintings and the Official Liquidator’s application seeking permission to sell the five paintings identified as company assets. The Bench held:
“…I am persuaded that the five Identified Paintings can indeed be held to belong to the liquidation estate of the Company,”
Mafatlal Dyes & Chemicals Limited was ordered to be wound up by the Bombay High Court on 19 July 2010, in a company petition…