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Official Liquidator shall ensure that irreversible can not be created regarding the amount paid by the purchaser

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Court :
HIGH COURT OF GUJRAT

Brief :
Heard Mr. Manish Bhatt, learned senior counsel, appearing with Mrs. Mauna Bhatt, learned advocate for the applicant, Ms. Yajnik, learned advocate for the respondent No.1-OL and Mr. Rutvij Bhatt, learned advocate for the respondent No.2. 2. From the submissions made by Mr. Bhatt, learned senior counsel, it appears that the applicant is the successful bidder and purchaser of the property in question, which has been sold to the applicant in auction purchase. The sale has been confirmed by order dated 18.7.2011 of this Court. It also appears that after having paid 25% amount towards sale consideration as per the sale confirmation order and conditions of the sale, when the applicant started taking steps for developing the lands, it came to its notice that there are discrepancies with regard to the land sold to the applicant, inasmuch as, according to the advertisement inviting bids, tender document and sale confirmation order, the applicant was conveyed land admeasuring 13759 sq. mts. of Survey No.295 in village Undera, GIDC. However, it has now come to the notice of the applicant that a part of the said land was not of the ownership of the company in liquidation and in all probability, was not in the hands of the OL also. Therefore, the applicant has approached the Court with present application seeking clarification from the OL with regard to the disputed portion of the land of which the applicant is not able to get possession and/or relevant documents. Since the land was under the control of notified authority / GIDC, the applicant has prayed for necessary clarification from the GIDC as well, who would be better placed to clarify the details regarding title and ownership or possession of the land in question at the relevant time and at present.

Citation :
INDIAN OIL PEOPLES COOPERATIVE GROUP HOUSING LTD - Applicant(s)Versus OFFICIAL LIQUIDATOR IN CHARGE OF AHMEDABAD MANUFACTURING AND & 1 - Respondent(s)

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

COMPANY APPLICATION No. 507 of 2011

In

OFFICIAL LIQUDATOR REPORT No. 137 of 2010

=================================================

INDIAN OIL PEOPLES COOPERATIVE GROUP HOUSING LTD - Applicant(s)

Versus

OFFICIAL LIQUIDATOR IN CHARGE OF AHMEDABAD MANUFACTURING AND & 1 - Respondent(s)

=================================================

Appearance :

MR MANISH BHATT, SR. ADVOCATE, WITH MRS MAUNA M BHATT for Applicant(s) : 1,

OFFICIAL LIQUIDATOR for Respondent(s) : 1,

MS AMEE YAJNIK for Respondent(s) : 1,

MR RUTVIJ M BHATT for Respondent(s) : 2,

=================================================

CORAM :

HONOURABLE MR.JUSTICE K.M.THAKER

Date : 02/12/2011

ORAL ORDER

Heard Mr. Manish Bhatt, learned senior counsel, appearing with Mrs. Mauna Bhatt, learned advocate for the applicant, Ms. Yajnik, learned advocate for the respondent No.1-OL and Mr. Rutvij Bhatt, learned advocate for the respondent No.2.

2. From the submissions made by Mr. Bhatt, learned senior counsel, it appears that the applicant is the successful bidder and purchaser of the property in question, which has been sold to the applicant in auction purchase. The sale has been confirmed by order dated 18.7.2011 of this Court. It also appears that after having paid 25% amount towards sale consideration as per the sale confirmation order and conditions of the sale, when the applicant started taking steps for developing the lands, it came to its notice that there are discrepancies with regard to the land sold to the applicant, inasmuch as, according to the advertisement inviting bids, tender document and sale confirmation order, the applicant was conveyed land admeasuring 13759 sq. mts. of Survey No.295 in village Undera, GIDC. However, it has now come to the notice of the applicant that a part of the said land was not of the ownership of the company in liquidation and in all probability, was not in the hands of the OL also. Therefore, the applicant has approached the Court with present application seeking clarification from the OL with regard to the disputed portion of the land of which the applicant is not able to get possession and/or relevant documents. Since the land was under the control of notified authority / GIDC, the applicant has prayed for necessary clarification from the GIDC as well, who would be better placed to clarify the details regarding title and ownership or possession of the land in question at the relevant time and at present.

3. Ms. Yajnik, learned advocate for the OL, has submitted that the OL has already called for details from GITCO, who had undertaken the process of assessment and submitted Valuation Report.

4. Having regard to the aforesaid aspects, for the present, below mentioned directions are passed:-

4.1 The OL shall file report giving details, after proper inquiry with regard to the title, ownership and possession of the land in question and the total measurement of the land of which possession was taken by the OL, with supporting documents related to the possession taken by OL.

4.2 GIDC also shall file an affidavit on or before the next date of hearing clarifying the details regarding the title, possession and ownership of the land bearing Survey No.295. The details will include the aspects regarding measurement of Survey No.295 and other details including the details pertaining to the lease hold rights given by GIDC in respect of the said land.

4.3 The OL shall ensure that any irreversible situation is not created with regard to the amounts deposited by the applicant, which may create difficulties in future, if any adverse orders with regard to the sale effected pursuant to the order dated 18.7.2011 are required to be passed.

S.O. to 15.12.2011.

[K.M.Thaker, J.]

 

CS Bijoy
on 06 December 2011
Published in Corporate Law
Views : 3026
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