V.M. Pancholi, J.

1. The applicant, official liquidator, has taken out the judge's summons, in which, the applicant has prayed for the following reliefs:

"(A) The hon'ble court be pleased to direct respondents and each of them and permit and direct liquidator to take possession of Office Nos. 401, 402, 403 and 404, each office admeasuring 875 sq.ft., aggregating to 3,500 sq.ft. on 4th floor of the building known as "Devashish", Sardar Patel Colony, Off C.G. Road, Ahmedabad-380006.

(B) To direct the respondent, and each of them, to pay to the liquidator by way of mesne profit and/or compensation, calculated at the rate of Rs. 30 per sq.ft. per month from March 1, 2000, till quiet, vacant and peaceful possession is handed over to the liquidator.

(C) To permit and direct sale committee constituted by the hon'ble court to sell said property described in prayer clause (A) hereinabove."

Heard the learned advocate Mr. R.M. Desai for the official liquidator, learned senior counsel Mr. Mihir Thakore with the learned advocate Mr. Bijal Chhatrapati for J. Sagar Associates for the respondents.

2. The learned advocate Mr. R.M. Desai for the official liquidator submitted that the Reserve Bank of India preferred Company Petition No. 147 of 2000, wherein, it was prayed that Piramal Financial Services Ltd., be wound up under the provisions of section 45 of the Reserve Bank of India Act, 1934. This court admitted the said petition on October 20, 2000 and appointed the official liquidator attached to this court as the provisional liquidator of the said company. Thereafter, this court passed an order on March 20, 2001, by which, the said company was ordered to be wound up by and under the supervision of this court, and the official liquidator, who was appointed as the provisional liquidator by the earlier order, was appointed as the liquidator of the said company, with a direction to exercise the powers under the provisions of the Companies Act of 1956.

3. The learned advocate Mr. Desai, thereafter, submitted that this court passed an order on July 20, 2001, in Company Application No. 44 of 2000, whereby the official liquidator was directed to take possession of the properties and assets as mentioned in Schedule "A" of the report of the official liquidator dated July 12, 2001, filed by him in Company Application No. 44 of 2001. At this stage, the learned advocate pointed out that several creditors had also filed the winding up petition before this court against the said company. This court passed a common order on October 19, 2005, in Company Petition No. 296 of 1999 and other petitions.

4. The learned advocate Mr. Desai for the applicant, thereafter submitted that one Shri Sanjay Chandrakant Amin, Devland Developers P. Ltd., and Devashish group of companies, managed and represented by Shri Sanjay Amin, approached and requested the company in liquidation for providing financial assistance for their business. The company in liquidation, therefore, provided financial assistance to Shri Sanjay Amin and Devashish group of companies. Said Mr. Amin and Devashish group of companies committed default in repayment of the amount advanced by the company in liquidation. Therefore, the company in liquidation, as plaintiff, filed nine suits in City Civil Court at Ahmedabad for judgment and decree for the amount mentioned in each of the suit. He further submitted that after filing of the suit, the parties to the said suit entered into settlement, by which, a compromise and composite agreement was executed between the company in liquidation of one part, Dev Enterprise, defendant No. 1, Parth Developers, sole proprietary concern of defendant No. 2, Shri Sanjay Amin and three private limited companies, namely, (1) Devland Developers P. Ltd., (2) Devashish Developers P. Ltd., and (3) Devashish Construction P. Ltd., of the other part. On the basis of the said agreement, consent terms were arrived at and filed before the city civil court. The details of the suit, nam