2015 (2) TMI 1356

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....aharashtra Industrial Development Corporation) at Dombivli (E) Taluka Kalyan, District Thane. The first respondent granted lease in respect of the said plot to M/s. Ramniklal Raoji and Co. Pvt. Ltd. on 7th December, 1973. There was a tri parte agreement on 25th March, 1992 under which lease was transferred to M/s.Fluid Air (I) Pvt. Ltd. 3. M/s.Fluid Air (I) Pvt. Ltd. had taken loan from the third respondent Bank of Baroda and as a security of payment of loan, the said plot was mortgage by M/s.Fluid Air with the third respondent. 4. As M/s.Fluid Air committed default, the third respondent made an application before the Debt Recovery Tribunal (for short "DRT"). A recovery certificate was issued by the DRT. The said plot was put to aucti....

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....mber, 2011 records that the same will apply to the applications for the transfer received after 12th August, 2011, the first respondent itself is relying upon the said circular. It is clear that if the said circular is made applicable, only the standard transfer charges will be payable by the petitioner Without prejudice to the said contentions, he submitted that even if circular dated 12th May, 1998, is applicable, the transfer in favour of the petitioner is an involuntary transfer under the orders of the Recovery Officer in execution of the recovery certificate issued by the DRT. Therefore, only transfer charges will be payable. Lastly, he relied upon the order dated 27th September, 2012 (Exhibit-ZC to the petition). He reiterated that in....

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....te in bid. Therefore, clause 3 will not apply to the said transfer. In the present case, the transfer cannot be said to be an involuntary transfer. Therefore, the case of the petitioner will not fall in the category of formal transfers. As far as the category of non-formal transfers is concerned, the relevant clause reads thus : "Non-Formal Transfers Any other transfer which do not cover under the formal transfers referred to above will be treated as a NON FORMAL transfer and the same will be permitted subject to the recovery of the differential premium as mentioned below :- 1. Where the Licensee/Lessee has constructed or consumed at-least 10% of the permissible FSI of the plot area, such transfer will be permitte....