2003 (3) TMI 530 - SC - Companies Law

Whether there was no application from the official liquidator as contemplated under section 531A of the Companies Act? - Held that - SLP dismissed. Since the lease in question is being granted with a view to preserve the property in question and the learned Company Judge has protected the interests of the parties by directing the Administrator to separately keep the amounts realised from the lease in a separate account, the interest of the petitioner is well-safeguarded. As also noticed that the Appellate Court in the impugned order has specifically left open the right of the petitioner to establish its title in separate proceedings, thus bearing in mind the fact that the order in question was passed by consent,this SLP merits no further consideration.

Summary

The Supreme Court dismissed the special leave petition, upholding the decision of the Company Judge and Appellate Bench regarding a property dispute in a winding-up case. The order was based on the consent of parties, and the petitioner's interest was considered safeguarded despite the dismissal of the petition.