Court voids sale deeds executed after winding-up proceedings, directs refund with interest. Official Liquidator to determine amounts. The court held that the sale deeds were void as they were executed after the commencement of winding-up proceedings. The lands in question faced ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Court voids sale deeds executed after winding-up proceedings, directs refund with interest. Official Liquidator to determine amounts.
The court held that the sale deeds were void as they were executed after the commencement of winding-up proceedings. The lands in question faced challenges and required significant development work. The court set aside previous orders and directed the Official Liquidator to determine the amounts deposited by the appellants for refund with interest. The Official Liquidator was instructed to pass a reasoned order within four months, and a hearing date was fixed for the parties. The appeals were disposed of with these directions.
Issues: Challenging orders passed by Official Liquidator and Thareja Committee regarding alleged plot holders' claims.
Analysis: The appeals challenge orders by the Official Liquidator and Thareja Committee concerning alleged plot holders' claims. The Thareja Committee found that two appellants had paid partial amounts for plots and recommended releasing the plots upon full payment of the balance with interest. However, the appellants argued they had made full payments before the sale deeds were executed. They also claimed payments to group companies were not considered by the Committee.
The Official Liquidator contended that the sale deeds were invalid as they were executed after the appointment of a provisional liquidator. The lands in question were part of a housing scheme in Patna, which faced challenges like flooding and required significant development work. A committee report highlighted the need for various developmental works and estimated costs for completion.
The judge held that the sale deeds were void as they were executed after the commencement of winding-up proceedings, as per the Companies Act, 1956. The B. N. Singh Committee report confirmed that the plots claimed by the appellants could not be handed over to them due to various issues with the land.
Consequently, the court set aside previous orders and directed the Official Liquidator to determine the amounts deposited by the appellants for refund with interest. The Official Liquidator was instructed to pass a reasoned order within four months. A date for a hearing before the Official Liquidator was fixed for the parties. The appeals were disposed of with these directions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
