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2022 (1) TMI 912 - GUJARAT HIGH COURTValidity of transaction entered into by the applicant with the company in liquidation - transaction of purchase of sale of the assets of the company - in accordance with provisions of section 536(2) of the Act, 1956 or not - HELD THAT:- The sale deed for purchase of the assets, land and building and machineries of the company in liquidation is executed in favour of the applicant prior to the date of admission of the company petition. From the chronology of the events narrated, it is clear that the winding up petition was filed on 11th June, 2012 and thereafter, notice of the petition was issued on 27th July, 2012 and this Court admitted the company petition by order dated 15th January, 2013 and till that date, no one appeared for the company in liquidation before this Court. It cannot be said that the applicant has entered into transaction of purchase of sale of the assets of the company without good faith or bona fide intention, more particularly, when the applicant has deposited the entire sale consideration with DENA bank with whom the property which was purchased by the applicant was mortgaged - It is declared that the transaction in question cannot be said to be hit by the provisions contained in sections 531 and 531-A of the Act, 1956 and therefore, the transaction is validated as per the provisions of section 536(2) of the Act, 1956 as such transaction cannot be said to be a void transaction. Application allowed.
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