ORDER : 1. Heard learned advocate Mr. Jainish P. Shah 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) This Hon’ble Court may be pleased to direct the Official Liquidator-Res. No.1 to release the possession of Bungalow No.18 (having net plot area 177 Square Meters) in the scheme known as “Shukan Palace” unit constructed by Shukan Corporation Private Limited situated at T.P. Scheme No.2, Survey No.118/1, 2 and 3, F.P. No.128/1, Village Koba, Taluka Gandhinagar, Dist.-Gandhinagar ("property in question") in view of section 531 of Companies Act, 1956 which is claimed to be taken by the Official Liquidator since applicant is having registered agreement to sell dated 26/12/2013 in his favour and has been allotted by the respondent no.3 as well as further be please to direct the respondent no. 1 not to take any steps against the aforesaid property considering the same as the assets of the Respondent no.3 company; (B) This Hon’ble Court further be please to direct the direct the Official Liquidator-Res. No.1 to execute sale deed of Bungalow No.18 (having net plot area 177 Square Meters) in the scheme known as “Shukan Palace” unit constructed by Shukan Corporation Private Limited situated at T.P. Scheme No. 2, Survey No. 118/1, 2 and 3, F.P. No. 128/1, Village Koba, Taluka Gandhinagar, Dist. Gandhinagar ("property in question") as mentioned in registered agreement to sell dated 26/12/2013 in his favour by accepting remaining amount of consideration; (C) The Hon’ble Court may be pleased to further direct the provisional Liquidator not to sell off, dispose off, ereate any rights whatsoever in favour of any third person on the said property in question, as the company which is now in liquidation and the Company has no right whatsoever, Over the said property in question.” (D) The Hon’ble Court would be pleased to pass such other and further order as it deems fit and proper in the interest of justice. 3. It is the case of the applicant that the applicant is in possession of bungalow No.18 admeasuring 177 sq.mtrs of village-Koba, Taluka & District-Gandhinagar and super built up area and land area admeasuring 260 sq. 3. It is the case of the applicant that the applicant is in possession of bungalow No.18 admeasuring 177 sq.mtrs of village-Koba, Taluka & District-Gandhinagar and super built up area and land area admeasuring 260 sq. yards in the scheme known as ‘Sukan Palace’ constructed by the Company (In Liquidation) at T.P. Scheme No. 2, Survey No. 118/1, 2 and 3, F.P. No. 128/1 village-Koba, Taluka and District-Gandhinagar. 4. The applicant purchased the aforesaid bungalow by a registered sale deed dated 21.03.2014, which is prior to the date of filing of the Company Petition No.179 of 2015 on 05.05.2015 by one M/s.Daga Marketing Pvt. Ltd-respondent No.2 against M/s. Sukan Corporation Pvt. Ltd. before this Court. This Court by order dated 17.08.2015 passed the winding up order against M/s. Sukan Corporation Pvt. Ltd. in Company Petition No.179 of 2015 and the Official Liquidator attached to this Court was appointed as provisional liquidator of the company with a direction to act as per the provisions of the Companies Act, 1956. 5. Pursuant to the winding up order, the Official Liquidator by letter dated 03.09.2015 deputed his representative to inspect the record of the Company (in liquidation) with the Registrar of the Companies to find out the assets, liabilities, address of registered office etc. of the company (in liquidation). 6. During inspection of the records with Registrar of the Companies, the representative of the Official Liquidator compiled the details of the company (in liquidation) as under : Name of Company Sukan Corporation Pvt. Ltd. CIN No. U45201GJ2012PTC068590 Date of Incorporation 13.01.2012 Registered Office 1. 14, 4th Floor, Sukan Mall, Nr. Rajasthan Hospital, Sahibaugh, Ahmedabad Other premises:- 2. All Piece & Parcel of NA land baring S. NO. 220/1, 224/2/2, & 228, situated at Ahmedabad-2(Vadaj) 3. All Piece & Parcel of NA land bearing S. NO. 206. Adm 20,234 sq.mtrs, situated at Ahmedabad-8 (Sola) 4. All piece & Parcel of NA land bearing S. No. 5/A, 5/B, 5/C, 6/1, 6/2, 6/3 & 378 situated at Ahmedabad-6 5. All piece and parcel of land approx. 2.66 Lacs Sq. Fts. For residential bungalow project know as “Sukan Palace-III” on bearing Survey No. 118/1, 118/2, 118/3 Mouje Village Koba, Dist. Gandhinagar S. No. Name of Ex-directors Addresses of Ex-directors 1. Shri Vijaybhai Revabhai Patel A-101, Sukan Residency, Chandkheda Road, Ahmedabad 2. Shri Rameshbhai Patel 9, Gaytri Flats, Chandan Vadi, R. Shyam Appart., Shahibaug, Ahmedabad 3. 2.66 Lacs Sq. Fts. For residential bungalow project know as “Sukan Palace-III” on bearing Survey No. 118/1, 118/2, 118/3 Mouje Village Koba, Dist. Gandhinagar S. No. Name of Ex-directors Addresses of Ex-directors 1. Shri Vijaybhai Revabhai Patel A-101, Sukan Residency, Chandkheda Road, Ahmedabad 2. Shri Rameshbhai Patel 9, Gaytri Flats, Chandan Vadi, R. Shyam Appart., Shahibaug, Ahmedabad 3. Shri Maheshkumar Revabhai Patel D/11, Shaum Appartment, B/h. Rajashtan Hospital, Shahibaug, Ahmedabad 4. Shri Dhiren Prahaladbhai Patel B-6, Milan Apartments, Opp. Ranakpur Soc., Shahibuagh, Ahmedabad Secured Creditor:- S. No. Name & Addresses of Secured Creditors 1. The Manager, Kotak Mahindra Bank Ltd., 36- 38A, Nariman Bhavan, 227, d, Nariman Point, Mumbai- 400 021 2. The Manager, Religare Finvest Ltd., D3, P3B, District Center, Saket New Delhi-110 17 7. The Official Liquidator thereafter deputed its representative on 05.10.2015 for taking possession of the registered office of the company as well as the other properties of the company (In Liquidation). 8. This Court, by order dated 05.10.2015, orally directed the Official Liquidator to defer to take the possession of the assets and property of the Company (in liquidation) till hearing of the Company Application No.301 of 2015 filed by Kotak Mahindra Bank-secured creditor with regard to property situated at Survey No.220/1 at Vadaj, Survey No.206 situated at Sola, and Survey No. 5/A situated at Ahmedabad. 9. Official Liquidator therefore, deputed his representative to take the possession of the property situated at Survey No.118/1 etc. at Koba on 04.11.2015 and accordingly, the possession of the property i.e. all piece and parcel of land approximately 2.66 lacs sq.fts for residential bungalow project known as “Sukan Palace-III” on survey Nos. 118/1, 118/2 and 118/3 at village-Koba, Dist.- Gandhinagar, as well as one farmhouse known as “Sahaj Farm” House constructed on the said land was taken. 10. The Official Liquidator in the report filed in these proceedings has stated that the applicant has purchased bungalow No. 18 from erstwhile management of the Company (in liquidation) by executing the registered sale deed in the office of the Sub-Registrar (SRO), Gandhinagar on 21.03.2014 i.e. one year prior to the presentation of the winding up petition against the company (in liquidation). 11. 11. It was therefore submitted by the Official Liquidator that as per the prayer made in the Official Liquidator Report No.6 of 2016 this Court has granted permission to the Official Liquidator to pay security charges for safeguarding the assets situated over Survey Nos. 118/1, 118/2 and 118/3 at Village-Koba, Dist. Gandhinagar. 12. The Official Liquidator has therefore, prayed to direct the applicant to pay Rs.50,000/- towards safeguarding the bungalow of the applicant from 04.11.2015 till date. 13. Learned advocate Mr. Jainish Shah submitted that the applicant is and willing to pay the amount of Rs.50,000/- per year from 04.11.2015 till date within a period of one week from the date of receipt of this order with the Official Liquidator. 14. In view of the above, it is admitted fact that the applicant has purchased the bungalow No.18 by registered sale deed prior to the date of submission of the application for winding up of the company (in liquidation). Therefore, the sale executed by the erstwhile management of the company (in liquidation) is ratified in favour of the applicant and the property being Bungalow No.18 situated at Sukan Palace, situated at Survey No. 118/1, 118/2 and 118/3 Mouje Village-Koba, Dist-Gandhinagar is taken out of the winding proceedings and on deposit of the amount of Rs.50,000/- per year to safeguard the bungalow since 04.11.2015 till date, the Official Liquidator is directed to handover the possession for the bungalow No.18, Sukan Palace, situated at Survey No. 118/1, 118/2 and 118/3 Mouje Village-Koba, Dist-Gandhinagar to the applicant. 15. This application is accordingly disposed of. Notice is discharged.