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2015 (7) TMI 415 - BOMBAY HIGH COURTLiquidation of company - bonafide purchaser - the applicant seeks declaration that transaction of transfer of ownership rights of the company under liquidation be validated. By the Official Liquidator's Reports, Official Liquidator seeks possession of the property. - Held that:- The Applicant has taken search through Advocate and obtained title certificate. In the revenue record, there is no entry that the property was of the company under liquidation. The applicant had purchased the property from the person who had in turn purchased from the Company under liquidation. No collusion between the applicant and hte directors of the respondent company is established. In the circumstances the fact that the applicant was not aware that the property was initially belonging to the company under liquidation is probable. Apart from this position the applicant has offered to pay to the Official Liquidator the valuation property as on the date of the transfer. The valuation is ₹ 139 lacs. The Official Liquidator has no serious objection for receipt of the money in lieu of the possession of the property. - interest of justice will be served if the applicant deposits an amount of ₹ 139 lacs with the Official Liquidator within a period of six weeks from today. Accordingly the company application is allowed in terms prayer clauses (a) and (b).
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