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Documents citing Farokh S. Todywalla vs O.L. Of Vitta Mazda Ltd. on 14 June, 2005

Sahara vs O.L on 23 July, 2009

The reliance placed upon the another decision of this Court by the learned counsel for the applicant in the case of Farokh S. Todywalla Vs. OL of Vitta Mazda reported in Company Application Nos. 310/03 and allied matters, is also ill-founded inasmuch as since the Court found in that case as the OL has not been able to trace the record and therefore, the defence of the OL is made unbelievable and the orders were passed for validation of such transaction. Such is not the fact situation in the present case inasmuch as, as observed earlier, firstly the burden is upon the beneficiary of the transaction who is seeking validation. It is only after that burden is satisfactorily discharged, OL may contend otherwise. The proof including the Bank Certificate only goes to show that the amount is debited from the account of the applicant, but it does not show as to whether the same were credited in the account of the Company in liquidation. If the cheques are drawn as crossed cheques and other than by way of A/c Payee cheque, it could be credited in the Bank account of any party though the amount may be debited from the Bank account of the drawer of the cheques. Therefore, unless the said aspect is satisfactorily proved, the beneficiary of the transaction would not be entitled for validation of such transaction as against intention of the statute to treat such transaction as void. Therefore, the said decision is of no help to the learned counsel for the applicant.
Gujarat High Court Cites 4 - Cited by 0 - J Patel - Full Document
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