Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
The HC held that an unregistered Agreement to Sell does not constitute a conveyance under Ss. 54 and 55 of the TP Act, 1882 and does not transfer any right, title or interest in immovable property, save the limited protection under S. 53A. Accordingly, Respondent No. 1 had no legal title over the subject flat; ownership vested in the company under liquidation. The transactions between Respondent No. 1 and the said company were found not to be bona fide. The HC held that the ED was acting within its statutory powers under the PMLA, 2002 in provisionally attaching the property as equivalent to the value of proceeds of crime. The appeal was disposed of, with the attachment order effectively sustained.
The HC held that an unregistered Agreement to Sell does not constitute a conveyance under Ss. 54 and 55 of the TP Act, 1882 and does not transfer any right, title or interest in immovable property, save the limited protection under S. 53A. Accordingly, Respondent No. 1 had no legal title over the subject flat; ownership vested in the company under liquidation. The transactions between Respondent No. 1 and the said company were found not to be bona fide. The HC held that the ED was acting within its statutory powers under the PMLA, 2002 in provisionally attaching the property as equivalent to the value of proceeds of crime. The appeal was disposed of, with the attachment order effectively sustained.
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