STATE Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) HEARD the learned counsel for the Official Liquidator, Shri. Abraham Vakkanal for the 2nd respondent and Mr. P. Sanjay for the 3rd respondent. None appears for the 1st respondent.

(2.) PRAYER sought in this report is to set aside Annexure III sale deed executed by the 1st respondent on behalf of the Company (in liquidation) in favour of the 3rd respondent, by which certain immovable properties of the company were sold to the 3rd respondent. The ground on which, the sale is sought to be set aside, is that the disposal of the property was in violation of the provisions contained under S. 536 (2) of the companies Act, 1956.

(3.) THE Company Petition, seeking the winding up of the Company, was filed on 19. 10. 2000. During the pendency of the petition, Annexure III sale deed was executed on 19. 7. 2002. Subsequently, the C. P. was dismissed by judgment dated 6. 1. 2003. However, the petitioners in the Company Petition filed M. F. A. No. 227/2003 against the judgment in the C. P. , and a Division Bench of this Court allowed the appeal, and the C. P. was thus restored to file. The petitioners were heard and on 6. 2. 2004, the Company was ordered to be wound up and Liquidator was appointed.