Bona fide plot purchasers whose bookings and registered sale deeds pre-dated liquidation were entitled to release of their plots, because the transactions were verified as genuine, there was no material showing dominant intention to prefer creditors, and the RBI prohibition order did not invalidate completed third-party conveyances. The Court treated them as similarly placed with purchasers who had already obtained final relief, rejected objections based on alleged lack of authorisation, demarcation, bank records and later layout cancellation, and directed handover of the plots. The review petition by the ex-management side was dismissed, as the applicant had no independent locus standi and the attempt was a proxy effort to reopen final winding-up orders concerning verified investor claims.
Bona fide plot purchasers whose bookings and registered sale deeds pre-dated liquidation were entitled to release of their plots, because the transactions were verified as genuine, there was no material showing dominant intention to prefer creditors, and the RBI prohibition order did not invalidate completed third-party conveyances. The Court treated them as similarly placed with purchasers who had already obtained final relief, rejected objections based on alleged lack of authorisation, demarcation, bank records and later layout cancellation, and directed handover of the plots. The review petition by the ex-management side was dismissed, as the applicant had no independent locus standi and the attempt was a proxy effort to reopen final winding-up orders concerning verified investor claims.
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