ORDER :

1. Heard learned advocate Mr. Dhruvik K. Patel for the applicant and learned advocate Ms. P.J. Davawala for the respondent.

2. By this application, the applicant has prayed for the following reliefs :

“A. Be pleased to hold and declare that non-agricultural land bearing Survey No. 118/1, 2 and 3, included in T.P. Scheme No. 2 allotted Final Plot No. 128/14, subplot No.2 bunglow no. 47, admeasuring 382 Sq. mtrs. (including constructed area 270.26 sq.mtrs) Village Koba, Taluka - Gandhinagar, Dist. Gandhinagar (herein after referred to “property in question”) does not belong to the Respondent No. 3 company since the same having purchased by the Applicants vide registered Sale Deed dated 09.05.2014 i.e. one year prior to presentation of winding up petition being Company Petition no. 179 of 2015 against the Respondent No. 3 i.e. on 05.05.2015 as well as order dated 17.08.2015 passed by this Hon'ble Court appointing provisional liquidator in Company Petition No. 179 of 2015 and further be pleased to restrain the Respondent No. 1 herein from taking any action under the provisions of Companies Act, 1956.

B. Be pleased to hold and declare that considering the date of purchase by the applicants on 09.05.2014 i.e. prior to one year from the presentation of winding up petition on 05.05.2015 and therefore does not fall within the purview of Section 531-A of the Companies Act, 1956 and be pleased to further issue appropriate directions for ratification of sale transaction dated 09.05.2014 and further be pleased to direct the Respondent No. 1 to release the symbolic possession of property in question;

C. Be pleased to pass any other and further or such other order/s that may be deemed just and proper in the interest of justice.”

3. By way of the present application, the applicant herein is seeking direction to remove the security and seal put up over the property in question of the applicant (Bungalow No.47 in the scheme “Shukan Place”), as the said property has been purchased by the applicant by entering into a registered sale deed on 09.05.2014 between the applicant and erstwhile management and therefore, the said property was not the property of Shukan Corporation Private Limited (from 09.05.2014) at the time when the order dated 17.08.2015 came to be passed in Company Petition No. 179 of 2015 of attachment of the said property.

4. Learned advocate Mr. Dhruvik K. Patel for the applicant submitted that the applicant herein is a bona fide purchaser of the subject property and applicant herein has purchased the subject property for valuable consideration and has registered sale deed in his favour. The said transaction is entered into in good faith and therefore, the said transaction cannot be void and Official Liquidator cannot take possession of the property in question under the provisions of the Companies Act, 1956. In view of the aforesaid submissions, learned advocate Mr. Patel for the applicant submitted that the registered sale deed for Bungalow No.47 in Shukan Palace executed in favour of the applicant be ratified and deemed to be a valid transaction.

5. Learned advocate Ms. P.J. Davawala for the Official Liquidator placed reliance on the report of the Official Liquidator and accepted the fact that the registered sale deed came to be executed in favour of the applicant herein on 09.05.2014. The winding up application came to be filed on 05.05.2015 and the order of winding up came to be passed on 17.08.2015 by this Court. Learned advocate Ms. Davawala for the Official Liquidator submitted that under the provisions of Section 531-A of the Companies Act, 1956 sale would be said to be a valid sale, if the sale was prior to one year of the proceedings having been filed for winding up. Learned advocate Ms. Davawala submitted that the sale deed which has been entered into between the respective parties, though admittedly is prior to winding up order being passed, there is a difference of 4 days. At this stage, it is apposite to refer to Sec