I had takeover the private limited company by following companies act,1956 and also articles of association of the company. And during the takeover process I had entered on MOU with the party and major part of the MOU was "to pay all outstanding dues of bank on the company during takeover process".
Party has transferred all their shares on my name but the bank is still remaining and and bank is not aware with the MOU. In the starting one of the share holder of the company had wrote to bank that the company is being take over by me and in this process I will pay all dues and meanwhile they will transfer all the shares on my name.
Now, I have big concerned that is bank is not aware with the MOU and party has lodged a suit in Company Law Board, Delhi to revoke the share transfer that was done on the base of MOU.
As bank is still remain/pending and shares has been transferred , and hence the liability which I had to pay is not paid my me and only focus made by me on share transfer , then in this case will the share transfer get null and void?