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2008 (12) TMI 400 - HC - Companies LawWinding up - Custody of company’s property - whether Respondent Nos. 4 to 13 are in unauthorised and illegal occupation of land situate, lying and being at Mouje Dariapur Kazipur, City Taluka, bearing Final Plot No. 31 (Original Survey No. 416) of Town Planning Scheme No. 5 Ahmedabad admeasuring 12818 sq. yds. equivalent to 11501 sq. mts. together with construction standing thereon. Held that:- The respondent No. 4 was put into possession of the property in question way back in 1994 and the present application is filed by the applicant in 2004, i.e., after the expiry of the period of 10 years. The respondent No. 4 and, thereafter respondent Nos. 5 to 13 are totally the strangers to the proceedings between the applicant Bank and the Com-pany-in-liquidation. They are the bona fide purchasers and purchased the properties after payment of consideration. Now the possession is sought to be taken away from the respondent Nos. 4 to 13 after the expiry of the period of more than 10 years and that too by alleging the contention that the applicants were not aware about these transactions and that a fraud was committed not only on the applicant Bank but also on the Court. From the facts and on the basis of documents produced on record in support of all these transactions, it clearly appears to the Court that the respondent Nos. 4 to 13 came to be in possession of the properties in question. Thus there is no matter of doubt or suspicion that the respondent Nos. 4 to 13 are the lawful owners and are in legal possession of the properties in question and they cannot be deprived of such lawful rights and legal possession vested in them years back, by entertaining these applications after a considerable length of time and by permitting the applicants to raise the plea of fraud. The Court, therefore, rejects both these applications
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