O.L. OF TRIMLINE HEALTH Vs. GSFC

JUDGEMENT

(1.) OLR No. 107 of 2007 is filed by the Official Liquidator seeking direction to the respondent Nos. 3 and 4 i.e., Mrs. Dolly Neel Chokshi and Shri Neel Bhupendrabhai Chokshi as well as Anyonya Co -operative Bank Limited to place before the Court the documentary evidence of ownership over the property of the Company's registered office situated at 79, Vishwas Colony, Opp. Alkapuri Shopping Centre. The Official Liquidator has also sought for the direction to the respondent No. 5 i.e., M/s. Siddhi Vinayak Corporation to hand over the peaceful and vacant possession of the resort property situated at Akshar Chowk, Munj Mahuvad, Old Padra Road, Vadodara to the Official Liquidator, treating the said transaction as void against the Official Liquidator in terms of Section 531A of the Companies Act, 1956.

(2.) COMPANY Application No. 414 of 2008 is filed by M/s. Siddhi Vinayak Corporation seeking confirmation of sale by M/s. Trimline Health and Resort Limited (in Liquidation) of the property bearing Plot Nos. 8, 9 and 10 of Revenue Survey No. 467/1 in village Atladra, Baroda vide registered sale deed dated 1 -8 -2006/14 -8 -2006 and sale of furniture, fixtures and appliances in favour of the applicant.

(3.) IT is the case of the Official Liquidator in his report that while visiting the resort property of the Company on 21 -4 -2007, one Mr. Bhailal B. Patel, Partner of M/s. Siddhi Vinayak Corporation informed the representative of the Official Liquidator that the said property has been sold to them vide a registered sale deed dated 1 -8 -2006 by the vendor M/s. Trimline Health and Resort Limited (In Liquidation) through its Director Shri Ranjit R. Pradhan in the name of M/s. Siddhi Vinayak Corporation. The Official Liquidator is of the view that since the said property was sold on 1 -8 -2006 i.e., within one year prior to the date of presentation of the petition dated 19 -7 -2006, the sale is null and void against the Official Liquidator under Section 531 -A of the provisions of the Companies Act, 1956. The Official Liquidator is also of the view that the sale of the said property during the pendency of the petition before this Court is nothing but a fraudulent transaction and, therefore, is void under the provisions of Section 531A of the Companies Act, 1956 against the Official Liquidator. He has, therefore, sought the direction to the respondent No. 5 to hand over the possession of the said resort property to the Official Liquidator.