ORDER : 1. Heard learned advocate Mr. Dhruvik K. Patel for the applicants and learned advocate Ms. P.J. Davawala for the respondent. 2. By this application the applicants have prayed for the following reliefs : “A. Be pleased to hold and declare that non-agricultural land bearing Survey No. 118/1, 2 and 3, included in T.P. Scheme No. 2 allotted Final Plot No. 128/1, subplot No.2 bunglow no.34, admeasuring 382 Sq. mtrs. (including constructed area 270.26 sq.mtrs) Village Koba, Taluka - Gandhinagar, Dist. Gandhinagar (herein after referred to “property in question”) does not belong to the Respondent No. 3 compeny since the same having purchased by the Applicants vide registered Agreement to Sale dated 21.03.2014 i.e. one year prior to presentation of winding up petition being Company Petition no. 179 of 2015 against the Respondent No.3 i.e. on 05.05.2015 as well as order dated 17.08.2015 passed by this Hon’ble Court appointing provisional liquidator in Company Petition No.179 of 2015 and further be pleased to restrain the Respondent No. 1 herein from taking any action under the provisions of Companies Act, 1956 and further be pleased to execute the sale deed In favour of Applicant upon payment of the balance sale consideration amount ; B. Be pleased to hold and declare that considering the date of purchase by the applicants on 21.03.2014 i.e. prior to one year from the presentation of winding up petition on 05.05.2015 and therefore does not fall within the purview of Section 531-A of the Companies Act, 1956 and be pleased to further issue appropriate directions for ratification of sale transaction dated 21.03.2014 and further be pleased to direct the Respondent No. 1 to release the symbolic possession of property in question 1956 and further be pleased to execute the sale deed in favour of Applicant upon payment of the balance sale consideration amount; C. Be pleased to pass any other and further or such other order/s that may be deemed just and proper in the interest of justice.” 3. It is the case of the applicants that the applicants are in possession of bungalow No.34 admeasuring 382 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. 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 applicants 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 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. Shri Maheshkumar Revabhai Patel D/11, Shaum Apartment, B/h. Rajeshtan 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. Shri Rameshbhai Patel 9, Gaytri Flats, Chandan Vadi, R. Shyam Appart., Shahibaug, Ahmedabad 3. Shri Maheshkumar Revabhai Patel D/11, Shaum Apartment, B/h. Rajeshtan 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 applicants have purchased bungalow No.34 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. 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 applicants to pay Rs. 50,000/- towards safeguarding the bungalow of the applicants from 04.11.2015 till date. 13. Learned advocate Mr. 118/1, 118/2 and 118/3 at Village-Koba, Dist. Gandhinagar. 12. The Official Liquidator has therefore, prayed to direct the applicants to pay Rs. 50,000/- towards safeguarding the bungalow of the applicants from 04.11.2015 till date. 13. Learned advocate Mr. Dhruvik Patel submitted that the applicants are ready 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 applicants have purchased the bungalow No.34 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 applicants and the property being Bungalow No.34 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.34, Sukan Palace, situated at Survey No. 118/1, 118/2 and 118/3 Mouje Village: Koba, Dist: Gandhinagar to the applicants. 15. This application is accordingly disposed of.