9911796707
TMI Blog2015 (7) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... Taluka Dholka District Ahmedabad, be validated. By the Official Liquidator's Reports, Official Liquidator seeks possession of the property. 2. In Company Petition No. 945 of 1998 was presented on 7 August 1998. By order passed on 20 February 2008 winding up of the respondent company- M/s Eupharma Laboratories Limited was ordered and Official Liquidator came to be appointed. It is after the order of winding up, that the applicant purchased the ownership right in respect of the above mentioned property. In view of this position, the Official Liquidator gave notice for taking possession of the property and the applicant has moved this application seeking validation the transfer in its favour. 3. It is the case of the applicant that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e record of the property and title clearance certificate was given to it by the Advocate appointed for that purpose on 3 November 2011. It is the case of the applicant that when the search of revenue record was taken, there was no entry in respect of appointment of the Official Liquidator and the property being the property of the company in liquidation. After satisfying itself as regards the title of the property and after carrying out search and with due care, sale agreement was entered into between the applicant and Mr. Dave on 16 November 2011. Rs. 49 lakhs was paid by the applicant by demand draft dated 16 November 2011 of Rs. 40 lakhs, and by cheque of Rs. 9 lakhs. The applicant also paid stamp duty of Rs. 10,22,000/- and registration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and at this stage, if the Official Liquidator takes possession of the property great prejudice will be caused to the applicant. 8. The learned counsel for the applicant as well as the learned counsel for respondent no.2 and the Official submitted that when the matter came up earlier on 20 June 2013, the Court ( Coram: R. V. More J) considering the facts and circumstances, directed to value the property belonging to the respondent company which is the subject matter of the present application. It is submitted by all the counsel that at that time valuation was sought, as the learned counsel for the applicant had given an offer to compensate the Official Liquidator in terms of money so as to find way out of the situation and upon deposit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany. 11. Having heard the learned counsel, though it appears on the face of it that the sale in favour of the applicant was during the period when the company was under liquidation, the question is whether the Official Liquidator would be permitted to take possession of the property from the applicant under section 536 of the Companies Act, 1956. As per sub Section 2 of Section 536 the Court does have power to order that the sale may not be treated as void. The question therefore is whether the applicant has made out a case for exercise of discretion under section 536 (2) of the Companies Act. 12. The applicant has placed on record the steps taken by the applicant before purchasing the property. The applicant has issued public notice inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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