2012 (2) TMI 291

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.....A. No. 732/2008 of the Companies Act has been filed by the National Institute of Technology Trust (hereinafter referred to as 'the applicant Trust') under Rule 9 of the Companies (Court) Rules, 1959 seeking a direction to the Official Liquidator to release the land measuring 30,350 sq. ft. situated at Microware Tower, Hardoi Road, Lucknow, UP from attachment and also to execute a sale deed in res....

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....1 and 531-A of the Companies Act. 4. I have heard the counsel for the parties. From the side of applicant Trust written submissions were also filed and the same have also been considered as also various judgments annexed with the written submissions. 5. The winding up petition being CP No. 75/2002 was filed against Koshika Telecom Ltd. by Lord Krishna Bank Ltd. sometime on 08-02-2002 and then pr....

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....of its creditors and be invalid accordingly: Provided that, in relation to things made, taken or done before the commencement of this Act, this sub-section shall have effect with the substitution, for the reference to six months, of a reference to three months. (2) For the purposes of sub-section (1), the presentation of a petition for winding up in the case of a winding up by [the Tribunal], an....

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....nt to sell was executed with the Company under liquidation after the filing of the winding up petition against it and even the sale consideration is stated to have been paid to it in November, 2002. In view of the provisions of Sections 531 and 531-A of the Companies Act, which have been reproduced above, the transaction between the applicant Trust and the Company under liquidation has to be decla....