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2016 (1) TMI 760 - HC - Companies LawPetition praying the official liquidator be restrained from taking possession of the said plot - bona-fide purchaser of plot - it was stated that the applicant has paid consideration and purchased the lease rights (not purchased the plot of land) as a bona-fide purchaser without notice. - Held that:- In this case, in addition to the fact that I cannot accept that it was a bona-fide transaction, as on 20.03.2012 when the Company was ordered to be wound up and the official liquidator was appointed, the parties had only entered into an agreement for assignment of lease and actually assignment happened on 24.12.2012, i.e., 9 months after the Company was ordered to be wound up. The settled position is upon passing of the order of winding up, no new rights can be completed and no incomplete rights can be completed. - the alleged assignment cannot be validated under Section 536(2) of the said Act. The application, therefore, stands dismissed. At this stage, the counsel for the applicant requested for a stay of eight weeks of this order. When I have found that the transaction itself is not bona-fide and in view of the settled legal position that a transaction not completed before the order of winding up has been passed, cannot be completed after the winding up order is passed I cannot grant any stay. Hence, stay is rejected.
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