JUDGMENT

1. This Interim Application has been filed on behalf of the Applicant seeking various reliefs inter alia for a declaration that the sale agreement dated 5th September, 2007 is not affected by Section 536 (2) of the Companies Act, 1956 and to ratify the said sale.

2. The background facts are that in and around 1981, the Maharashtra Industrial Development Corporation ("MIDC"), who as owner of the land being two pieces and parcels of land known as : (i) Technician Shed No.2 admeasuring 1870 sq. meters and built up shed admeasuring 786 sq. meters or thereabout and (ii) Technician Shed No. 5 admeasuring 1755 sq. meters and built up shed admeasuring 1314 sq. meters or thereabout, both situated at Ambernath Industrial Area, within the village limits of Ambernath and sub-District of Ulhasnagar, District and registration District : Thane (the "said Property"), leased the said property in favour of one Ferral Anant Machinery Manufacturers Pvt. Ltd. (the "said company) against which a winding up order has been passed and arrayed as the Respondent No.1.

3. On 25 th August 2003, one Mr.Jayantilal A. Shah, Constituted Attorney of Devyani J. Shah, Sole Proprietress of M/s Jayant Trading Cor