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2011 (7) TMI 892 - HC - Companies LawWinding up petition - B.K. Chabra has moved application no. 245807 of 2007 praying that one of the properties i.e. B-64 Kalka ji. New Delhi which belonged to the respondent company be released from the net of the liquidation proceedings - learned counsel appearing for official liquidator on the basis of the judicial report of the official liquidator no. 106 of 2011 submitted that the the agreement to sale executed in favour of the applicant is a void document as it has been executed in violation of the restrain order dated 27.10.1999 passed by this Court in the winding up petition - The power of attorney given by K.K. Gupta, the Ex Managing Director to the applicant authorizing him to deal with the property though irrevocable in nature automatically ceased to exist as soon as the order of winding up was passed and the official liquidator had assumed all powers of the company and the functions of the Directors - In the earlier part it has already been held that the applicant is a bona fide prospective purchaser in good faith for value who has been put in possession - the applicant having obtained possession of the property in question in part performance of the agreement to sale dated 21.2.2000 is entitle to protect his possession and use of the same and the official liquidator cannot interfere with his right to use and occupy the same or even to realize rent which he had been realizing from the very beginning - Application disposed of
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