2014 (1) TMI 1963

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....aring Sy. No. (R.S.No.16, 17 and 19B) CTS No.99, situated in Ward No.3, Mariyana Thimmasagara Village, Hubli Taluk, measuring 14 acres and 28 guntas, now within the limits of Hubli-Dharwad Municipal Corporation. The Karnataka Co-operative Textile Mills Limited was ordered to be would up by this Court, by order dated 5.11.1998 in Company Petition 149/1998 and the Official Liquidator was appointed as the Liquidator of the respondent - Company. The company in liquidation had suspended all activity long before the winding up order and the lands held by the company were sold by virtue of orders of this Court. The property referred to above was originally a Kulkarni Watan land held by the ancestors of the applicants and it was leased to M/s. S....

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....ee Southern Maratha Spinning and Weaving Company Ltd., and claimed relationship of lessor and lessee between the applicants and the respondent. The Board of Industrial and Financial Reconstruction ('hereinafter referred to as 'the BIFR', for brevity) ordered for winding up of the said KCTML and appointed the Karnataka State Industrial Investment and Development Corporation Ltd. as its selling agents to sell the assets of the KCTML and G. Mahadevappa and Sons, Hubli. In view of that, the company was ordered to be wound up in the aforesaid petition Co.P.149/1998 on 5.11.1998 by this Court. By virtue of the winding up order, the lease came to an end and it is contended that the respondent was duty bound to deliver the suit property to the appl....