9911796707
TMI Blog2012 (2) TMI 291X X X X Extracts X X X X X X X X Extracts X X X X ..... as executed with the Company under liquidation after the filing of the winding up petition against it and even the sale consideration is paid. In view of the provisions of Sections 531 and 531-A of the Companies Act, the transaction between the applicant Trust and the Company under liquidation has to be declared invalid and not enforceable. Ignorance of Trust of filing of the winding up petition w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Trust should be granted permission to file a suit for specific performance in respect of the afore-said property. 2. The applicant Trust claims to have entered into an agreement to sell in respect of the above referred piece of land with the Company in liquidation on 30th September, 2002 and also claims to have paid the entire sale consideration of 47 lacs to the Company under liquidation in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttached thereafter by the Official Liquidator (final winding up order was passed on 02-08-2005). 6. Section 531 of the Companies Act reads as under: "531. Fraudulent preference - (1) Any transfer of property, movable or immovable, delivery of goods, payment, execution or other act relating to property made, taken or done by or against a company within six months before the commencement of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... winding up, shall be deemed to correspond to the act of insolvency in the case of an individual." 7. Section 531-A reads as under: "531-A. Avoidance of voluntary transfer - Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrancer in good ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aims to be ignorant of the filing of the winding up petition against the Company under liquidation when an agreement to sell was executed that will not validate the transaction in question and none of the judgments relied upon by the applicant Trust is applicable to the facts of this case. Consequently, no relief can be given to the applicant Trust, as has been claimed by it in the present applica ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
