As per case facts, an Official Liquidator appealed an order dismissing an application to declare a lease agreement void. The company, now in liquidation, had leased valuable land and assets ... to a related party for a paltry monthly sum for 28 years, with a clause to convey absolute title upon expiry, just before winding-up proceedings commenced. The Official Liquidator sought to declare this fraudulent and void to recover assets for creditors. The Company Court dismissed the application citing limitation. The question arose whether the lease deed, executed shortly before winding-up for a paltry sum to a related party, was a fraudulent and dishonest transaction void from its inception, and whether the Official Liquidator's application was barred by limitation. Finally, the High Court found the lease deed to be a sham, bogus, and fraudulent transaction, void from its inception, against the interests of creditors and shareholders. It held that the single Judge's view on limitation was erroneous as the transaction was void ab initio. The appeal was allowed, the impugned order set aside, and the Official Liquidator directed to take possession for public auction, with the respondent liable for market rent.