ORDER :

1. Heard learned advocate Mr. Ashok L. Shah for the applicant and learned advocate Mr. Pathik M. Acharya for the respondent.

2. Learned advocate Mr. Ashok L. Shah for the applicant seeks permission to delete respondent no.2 who was joined at his request vide order dated 17th July, 2017 as presence of the Director of company in liquidation is not required for disposal of this application which is filed under section 536(2) of the Companies Act, 1956 (For short “the Act, 1956”) for validation of the transaction entered into by the applicant with the company in liquidation as per registered sale deed dated 24th September, 2012. Permission is granted.

3. The brief facts with regard to the transaction entered into by the applicant company with the company in liquidation after 11th June, 2012, the date on which the company petition for winding up was filed before this Court, is as under :

(3.1) A winding up petition being Company Petition No. 139 of 2012 was filed on 11th June, 2012 against the Company by one of its unsecured creditors on the ground that the Company is unable to pay its debts and that the Company should be wound up.

(3.2) The said Company Petition No. 139 of 2012 was