M/S.Raag Constructions, Rep.By Authorised Signatory v. M/S Hbd Financial Services Ltd

A.No.15 of 2022 in I.P.No.17 of 2010 A.No.15 of 2022 in I.P.No.17 of 2010 ABDUL QUDDHOSE, J.

Pleadings are complete.

2. This application has been filed by the applicant, claiming to be a bonafide purchaser from an insolvent and he has sought for a declaration that his Sale Deed is a valid Sale Deed.

3. The debtor was adjudicated as an insolvent on 05.08.2010. The applicant had purchased a property from the insolvent on 25.08.2010. However, the applicant states that he was informed about the adjudication only in the year 2021. The applicant has also stated that subsequent to his purchase, he has sold a major portion of the property to various third parties and the lay out is also approved and allowed. Claiming to be a bonafide purchaser, this application has been filed.

4. A counter-affidavit has been filed by the Official Assignee, disputing the contentions of the applicant, by stating that since the applicant https://www.mhc.tn.gov.in/judis

A.No.15 of 2022 in I.P.No.17 of 2010 ABDUL QUDDHOSE, J.

Sni has admittedly purchased the property from the insolvent only after the debtor was adjudicated as insolvent, the Sale Deed standing in his name has to be declared as null and void in terms of Section 55 of the Presidency Towns Insolvency Act 1909.

5. Learned counsel for the applicant, as well as the learned counsel appearing for the Official Assignee, seeks time to produce authorities with regard to their respective submissions.

6. Post the matter finally on 24.07.2023.

17.07.2023 Sni A.No.15 of 2022 in I.P.No.17 of 2010 https://www.mhc.tn.gov.in/judis