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of <h1>Court dismisses application to prevent property auction, citing fabricated sale deed and lack of compliance.</h1> <h3>Pankaj Paliwal Versus M/s. Vian Infrastructure Ltd & Ors.</h3> Pankaj Paliwal Versus M/s. Vian Infrastructure Ltd & Ors. - TMI Issues:1. Validity of the sale deed for property auctioning2. Authority of signatories to execute the sale deed3. Proof of consideration for the sale transaction4. Compliance with Companies Act provisionsAnalysis:1. The petitioner filed an application seeking to prevent the auctioning of a property he claims to own. The Official Liquidator (OL) argued that the company was ordered to be wound up due to fraudulent activities, and the property in question was part of the company's assets. The OL had taken possession of the land, and a valuation report confirmed the property was registered in the company's name.2. The OL contested the validity of the sale deed, alleging it was fraudulent. The deed lacked clarity on the authorized signatory, and the individuals mentioned were not known to the company. There was no resolution authorizing the sale, and discrepancies in payment receipts raised doubts about the transaction's authenticity.3. The court noted inconsistencies in the payment details provided by the petitioner and highlighted the lack of evidence supporting the claimed consideration amount. The receipts submitted did not align with the sale deed's timeline, casting further doubt on the transaction's legitimacy.4. Referring to relevant sections of the Companies Act, the court emphasized the necessity for proper authorization from the company's Board of Directors for property transactions. The absence of proof regarding signatories' authority and consideration receipt indicated a lack of compliance with legal requirements.The court concluded that the sale deed was likely fabricated to deceive the company and unlawfully acquire its assets. Due to the petitioner's lack of bona fide intentions and the questionable nature of the transaction, the application to prevent auctioning was dismissed. The judgment underscored the importance of adhering to legal provisions and conducting property transactions with transparency and authorization as mandated by the Companies Act.
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