https://www.taxtmi.com/caselaws?id=248149 A lease-cum-sale allotment for an industrial project did not vest ownership in the allottee where the stipulated construction and commencement conditions were not fulfilled, so the plots remained leasehold property. The allotting authority was entitled to terminate the lease after repeated notices and time extensions because the project was not implemented within the agreed period. Section 537 of the Companies Act barred coercive steps against company property after winding up without leave of court, but it did not require prior permission merely to issue a cancellation notice. Once the lease was validly terminated, the company court could permit resumption of the land and delivery of possession. en-us Wed, 12 Mar 2014 00:00:00 +0530 Wed, 11 May 2022 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248149 A lease-cum-sale allotment for an industrial project did not vest ownership in the allottee where the stipulated construction and commencement conditions were not fulfilled, so the plots remained leasehold property. The allotting authority was entitled to terminate the lease after repeated notices and time extensions because the project was not implemented within the agreed period. Section 537 of the Companies Act barred coercive steps against company property after winding up without leave of court, but it did not require prior permission merely to issue a cancellation notice. Once the lease was validly terminated, the company court could permit resumption of the land and delivery of possession. Case-Laws Indian Laws Wed, 12 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248149