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The HC dismissed an application seeking validation of an unregistered sale agreement under Section 536(2) of the Companies Act, 1956. The Court determined that the agreement was "incomplete and inchoate" as the applicant failed to pay stamp duty or register the document despite being contractually obligated to do so as the transferee. The Court rejected the applicant's reliance on Section 53A of the Transfer of Property Act due to lack of registration as required by Section 17(1A) of the Registration Act. While not ruling against the applicant on grounds of delay, the Court upheld the Official Liquidator's report and directed the applicant to surrender possession of the subject property to the Official Liquidator.
The HC dismissed an application seeking validation of an unregistered sale agreement under Section 536(2) of the Companies Act, 1956. The Court determined that the agreement was "incomplete and inchoate" as the applicant failed to pay stamp duty or register the document despite being contractually obligated to do so as the transferee. The Court rejected the applicant's reliance on Section 53A of the Transfer of Property Act due to lack of registration as required by Section 17(1A) of the Registration Act. While not ruling against the applicant on grounds of delay, the Court upheld the Official Liquidator's report and directed the applicant to surrender possession of the subject property to the Official Liquidator.
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