1. The judgment of the learned Company Judge impugned in the appeal arose from a report of the Official Liquidator seeking : (i) A declaration that the sale of the immovable properties of the company in liquidation is null and void; (ii) A direction permitting the Liquidator to take possession of the property. While allowing the request of the Official Liquidator, the learned Company Judge has held that the Appellant had not made out a case under section 536(2) of the Companies Act, 1956 for validating the alleged transfer of property in question in favour of the Appellant by the company in liquidation.

2. Hindustan Transmission Products Limited, the company now in liquidation, obtained a lease on 7 September 1990 from Maharashtra Industrial Development Corporation (`MIDC') in respect of a plot of land bearing No.H-16, at Waluj Industrial Area, in the Taluka of Gangapur near Aurangabad. On 7 April 1997, a company petition for winding-up was presented before the Company Court 1.

3. The Appellant claims to have paid an aggregate sum of Rs.30.00 lakhs to the company for the acquisition of the lease hold rights of the plot of land between 14 May 2007 and 26 September 2007. Ad