Court permits execution of deed transferring property to Darshan Healthcare from NPL Polymers in winding-up case. The Court granted permission for the execution of a deed of assignment-cum-conveyance in favor of M/s. Darshan Healthcare Pvt. Ltd, nominated by the ...
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Court permits execution of deed transferring property to Darshan Healthcare from NPL Polymers in winding-up case.
The Court granted permission for the execution of a deed of assignment-cum-conveyance in favor of M/s. Darshan Healthcare Pvt. Ltd, nominated by the auction purchaser, for a property sold in a winding-up case. M/s. Darshan Healthcare Pvt. Ltd had paid the full sale amount to the original purchaser, M/s. NPL Polymers Pvt. Ltd, including interest and late fees. The execution was subject to payment of stamp duty and registration charges by M/s. Darshan Healthcare Pvt. Ltd, leading to the transfer of the property as per the Court's decision.
Issues: 1. Execution of deed of assignment-cum-conveyance in favor of a nominee of the auction purchaser.
Analysis: The judgment pertains to the execution of a deed of assignment-cum-conveyance in favor of a nominee of the auction purchaser. The case involves M/s. Mukund Chemicals Pvt. Ltd, which was ordered to be wound up in 1999, and the Official Liquidator was appointed to take charge of the company's assets. Subsequently, a Sale Committee was appointed for the sale/disposal of the assets. In 2017, a property was sold to M/s. NPL Polymers Pvt. Ltd for Rs. 5,05,00,000, and later, in 2019, permission was granted for the deposit of the sale consideration with interest. The possession of the property was handed over in 2020 after receiving the full payment.
The issue arose when M/s. Darshan Healthcare Pvt. Ltd sought to be nominated as the auction purchaser's nominee for the property. They provided necessary documents and declarations to the Official Liquidator, stating that they had paid the full amount to M/s. NPL Polymers Pvt. Ltd. The affidavit submitted by the Director of M/s. Darshan Healthcare Pvt. Ltd confirmed the payment of Rs. 5,05,00,000 to M/s. NPL Polymers Pvt. Ltd and additional amounts towards interest and late fee charges. The total amount paid to M/s. NPL Polymers Pvt. Ltd was Rs. 5,17,00,000, covering all financial obligations related to the sale.
The Official Liquidator requested permission to execute the deed of assignment-cum-conveyance in favor of M/s. Darshan Healthcare Pvt. Ltd, which was vetted by legal experts. After considering the submissions from both parties, the Court granted permission for the execution of the deed. The execution was subject to the payment of stamp duty, registration charges, and other related expenses by M/s. Darshan Healthcare Pvt. Ltd. Consequently, the Company Application along with the Official Liquidator Report was disposed of, allowing the transfer of the property to the nominated party, M/s. Darshan Healthcare Pvt. Ltd, as per the provided documentation and payments made.
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