OFFICIAL LIQUIDATOR Vs. D THAMPY

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 1 st respondent.

(2.) PRAYER sought in this report is to set aside Annexure III sale deed executed by the 1 st 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 Section 536(2) of the Companies Act, 1956.

(3.) . On the other hand, it is argued by the respondents that the CP. was dismissed on 06/01/2003, and that MFA No. 227/2003 was allowed only by judgment dated 06/08/2003, and therefore, Section 536(2) of the Act can apply only in respect of disposition of property, subsequent to 06/08/2003. It is also stated that the appeal filed by the 2nd respondent against the order dated 06/02/2004 winding up the Company is also pending before this Court.