2012 (9) TMI 498

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en ordered to be wound up.   2. The appellants are the purchasers of plots of land in Chaudhary Charan Singh Avas Yojana, Baghpat project of development by colonization, undertaken by the company in liquidation. They have been found to be genuine bona fide purchasers of the said plots of land. They filed the applications aforesaid seeking a direction to the Baghpat Development Authority or the Uttar Pradesh PWD or the CPWD to further develop the colony, demarcate the plots and allot the same to the appellants. 3. The Company Judge, vide order dated 16.04.2009 had constituted a three member Committee to report about the aforesaid project of the company in liquidation. The said Committee inter alia reported that the total land on w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... attempt was made to explore the possibility of handing over possession of the plots to the appellants but in the absence of any demarcation or layout plan, the same is not feasible; that the developmental cost itself is estimated at approximately Rs. 20 crores and that in all there are 143 claimants of plots in the said Yojana. 7. The appellants have filed a rejoinder inter alia stating that some roads, electricity poles, boundary walls, entry gate exist at site; that the most logical and legitimate approach on the part of the Official Liquidator would be to demarcate the plots and release the same to the appellants. Some photographs of site have also been filed. 8. We have enquired whether the aforesaid 143 claimants of the plots in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., the learned Company Judge should, without undermining the value of the land / Project, explore the possibility of doing the same on as is where is basis i.e. with the highest bidder acquiring the Project with commitments in favour of the appellants. Having observed so, we may say that if the appellants contend that they are liable to pay no more to the purposed buyer of the land / Project, the same will undoubtedly depress the value of the land and which would be to the detriment of the other creditors of the company in liquidation. Even in law, the appellants cannot be said to be entitled to a developed plot at the price which they claim to have paid. In the last over two decades, the cost of development has multiplied manifold. If the a....