Idbi Bank Limited v. The Official Liquidator, High Court, Madras

in C.P. No.251 of 2001 ABDUL QUDDHOSE, J.

Along with this application, copies of Sale Deeds have been filed by the applicant which were entered into, subsequent to the dissolution of the Company under Liquidation as per the provisions of Section 481 of the Companies Act, 1956.

2. According to the applicant, an investigation has to be carried out by the Official Liquidator with regard to those Sale Deeds, which were executed by the dissolved Company.

3. However in this application, the buyers of the properties have not been arrayed as respondents. Therefore, to find out the truth, with regard to those Sale Deeds, the buyers of the properties of the Company under Liquidation, are necessary parties.

4. Learned counsel for the applicant seeks liberty of this Court to file a fresh Company Application by arraying the buyers of the properties as party respondents along with the Official Liquidator for the purpose of setting aside the Sale Deeds which are disclosed in the affidavit filed in support of this application.

5. Therefore this application viz., Comp. A. No.430 of 2024 is closed by granting liberty to the applicant to file a fresh application seeking to set aside the Sale Deeds by making the Official Liquidator and also the buyers of the properties, subsequent to the dissolution of the Company under Liquidation. 29.11.2024 vsi2

ABDUL QUDDHOSE, J.

vsi2 in C.P. No.251 of 2001 29.11.2024