1. This is an application filed by the purchaser of a property, seeking validation of the transaction in terms of Section 536(2) of the Companies Act, 1956.

2. I have heard Mr.T.K.Seshadri, learned Senior Counsel for the applicant, Mr.Arvind Shukla, learned Official Liquidator, Mr.R.Yashod Vardhan, learned Senior Counsel appearing for the Indian Bank and Mr.C.K.M.Appaji, learned counsel appearing for one of the unsecured creditors.

3. The ICICI Venutre Funds Management Limited, filed a petition in C.P.No.201 of 1996 against the company-in-liquidation, on 14.10.1996 under Section 433(e) and (f) of the Act, for the winding up of the company. The petition for winding up was allowed by a learned Judge, by an order dated 13.3.1998. But by a judgment dated 9.6.1998, passed in OSA No.85 of 1998, a Division Bench of this Court set aside the order of winding up, on the sole ground that the winding up order was passed without directing the publication of advertisements, in terms of Rules 24 and 96 of the Companies (Court) Rules, 1959. The Division Bench remanded the matter back to the Company Court.

4. Thereafter, an advertisement was issued and a paper publication was effected o