Disposed

M/S Mahadeo Land Developers Pvt. Ltd. (in Prov. Liqn), Nagpur v. None

Bombay HC27 Sept 2024OLR/8/2021

Case brief

AI extract

What is this about?

Official Liquidator sought declaration that post-winding-up sale deeds by ex-Directors were void under Section 536(2) of the Companies Act 1956. Purchasers showed transactions funded repayment of depositors with court's sanction during temporary bail; the Court released the properties in favour of the applicants.

What did the court decide?

Properties in Annexure-B released in favour of applicants/noticees; Official Liquidator directed to take note and act accordingly.

M/S Mahadeo Land Developers Pvt. Ltd. (in Prov. Liqn)… — Company and Corporate | Bombay HC (2024)

¶1

(1) 902BOLR8.21D13.22

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH : NAGPUR OFFICIAL LIQUIDATOR REPORT (OLR) NO. 8/2021 IN COMPANY PETITION NO.3/2010

¶3

AND OFFICIAL LIQUIDATOR REPORT (OLR) NO. 13/2022 IN COMPANY PETITION NO.3/2010

¶4

In the matter of M/s Mahadev Land Developers Pvt.Ltd.

¶5

Office Notes, Office Memoranda of Coram, Court's or Judge's orders appearances, Court's orders of directions and Registrar's orders

¶6

Dr. Anjan De, Advocate for Official Liquidator. Mr. P. A. Ghare, Advocate for ex-Director Mr. Pramod Agrawal.

¶7

CORAM : ANIL L. PANSARE, J. DATE : SEPTEMBER 27, 2024

¶8

By the present Official Liquidator’s Report, the Official Liquidator is seeking a direction to declare the transfer of sale deeds made by the ex-Directors in the year 2011-12, of the properties mentioned in Annexure-B, as illegal and void, the sale deeds having been executed subsequent to the filing of the winding up proceedings and the same being contrary to the provisions of the Companies Act 1956.

¶9

Sub-Section (2) Section 536 of the Companies Act, 1956 deals with the issue under question, which reads as under:

¶10

“536. Avoidance of transfers, etc., after commencement of winding up. -

¶11

(1) ....

¶12

(2) In the case of a winding up by [the Tribunal, any disposition of the property (including actionable claims) of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall, [unless the Tribunal] otherwise orders, be void."

¶13

(2) 902BOLR8.21D13.22

¶14

Thus, the disposition of the property of the company made after commencement of winding up shall, unless the Tribunal otherwise, orders, be void.

¶15

In the present case, the sale deeds have been executed in the years 2011 and 2012. There is nothing on record that purchasers i.e. applicants/noticees were even aware of pendency of Company Petition No. 3/2010.

¶16

The record indicates that the notice of the company petition was served on Ex-Director Mr. Pramod Agrawal in June, 2010. Learned counsel for the applicants/noticees submits that this Court, while releasing Mr. Pramod Agrawal on temporary bail in connection with Crime No. 57/2009 and Crime No.83/2009, has given opportunity to him to explore the possibility of repayment of the depositors. Accordingly, this transaction has been done towards repayment of the depositors.

¶17

Mr. Pramod Agrawal, who is present in the Court, has admitted correctness of the statement made by the applicants/ noticees.

¶18

In view thereof, I do not find any reason to not release the properties in favour of the applicants/noticees. Order accordingly.

¶19

All concerned, including the Official Liquidator, shall take note of the said fact and act accordingly.

¶20

(Anil L. Pansare, J.)

¶21

Kahale

M/S Mahadeo Land Developers Pvt. Ltd. (in Prov. Liqn), Nagpur v. None

Case brief

What is this about?

What did the court decide?

M/S Mahadeo Land Developers Pvt. Ltd. (in Prov. Liqn), Nagpur v. None

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Sunil Murlidharrao Gokhare and Others Vs District Magistrate Chandrapur and Others

Anil Gulabrao Warghat Vs Sub Divisional Engineer, Irrigation Sub Division, Washim and Others

Maroti S/O Ramaji Dahake and Others Vs Shri Yashwant S/O Ramaji Dahake and Others

Official Liquidator of M/S Vidarbha Phasphat Vs Shri Mahabir Prasad Golyan

Vinod S/O Narayanrao Manikpure Vs Nirmal Wd/O Ukandrao Uikey and Others

Bhojraj Sugnamal Dhamecha and Others vs Mr. Mohd. Asif Gani Sheikh and Others