Hon’ble Pankaj Mithal, J.—

Re: Company Application No. 245807 of 2007

The respondent Krishi Export Com. Corporation Limited incorporated under the Companies Act and registered with the Registrar of companies, Kanpur as a non Banking financial company having its registered office at Krishi Export Plaza, Sigra, Varanasi was ordered to be wound up vide order dated 27.4.2007 under Section 45 MC of the RBI Act, 1934 and the official liquidator was directed to take over the assets of the company from the Ex-Directors. The relevant portion of the order dated 27.4.2007 is reproduced herein below :

“In the facts and circumstances, the Court find that the Reserve Bank of India has made out a case for winding up of the respondent company under Section 45 MC of Reserve Bank of India Act, 1934. The respondent company is as such wound up and the official liquidator is appointed as liquidator of the company under Section 449 of the Companies Act. Let the order be notified to the Registrar of Companies in accordance with the Companies Act, 12956 and the Companies (Court) Rules, 1959. The Ex-Directors will hand over the assets to the Official Liquidator and file statement of affairs within 21 days. The Official Liquidator will thereafter, submit a report to the Court.”

2. Prior to the above order, this Court while entertaining the petition of the Reserve Bank of India for winding up of the company vide order dated 27.10.1999 had directed for issuance of notice to the respondent-company and had restrained the respondents company, its servants and agents from transferring, alienating and disposing of any of the assets of the company in any manner. The above interim order dated 27.10.1999 which is still continuing is reproduced herein below:

“Issue notice to the respondent company Krishi Export Com. Corporation Limited having its registered office at Krishi Export Plaza, Sigra, Varanasi to show-cause why the petition be not allowed fixing 7.12.1999 by which date the respondent company may file its reply. The petitioner shall take steps to serve by registered post within one one week.

List on 7.12.1999.

Meanwhile, considering the facts and circumstances of the case, the respondent company, its servants and agents are restrained from transferring, alienating and disposing of the respondent company in any manner or encumbering its property.

Sd/- Sudhir Narain,J.

27.10.1999"

3. Subsequently, vide order dated 27.4.2007 the Court directed for winding up of the respondent company.

4. The applicant B.K. Chabra has moved application No. 245807 of 2007 praying that one of the properties i.e. B-64 Kalka ji, New Delhi which belonged to the respondent company be released from the net of the liquidation proceedings on the allegation that Company Law Board vide order dated 15.9.1999 had permitted the Ex-Manging Director of the company to sell the properties of the company including the above property subject to filing of affidavit that the sale consideration would be utilized only towards repayment of maturity of deposits of the investors/depositors. In view of the above permission of the Company Law Board and in ignorance of the interim order of the High Court dated 27.10.1999, the applicant bona fidely in good faith agreed to purchase the rights in the said property vide registered agreement dated 21.2.2000 from the Ex-Managing Director K.K. Gupta for a consideration of Rs. 8 lacs. The applicant was handed over constructive possession of the said property on 21.2.2000 itself in respect whereof a possession memo was duly executed. The delivery of possession to the applicant was acknowledged in the sale agreement dated 21.2.2000. The Ex-Managing Director K.K. Gupta had submitted affidavit dated 21.2.2000 as required by the Company Law Board accepting the execution of the agreement to sale; receiving of full and final sale consideration; delivery of possession to the applicant; no objection with regard to mutation of the name of the applicant or its nomi