The court confirmed the sale of company land to a purchaser after the Official Liquidator received the balance sale consideration and allowed delivery of land upon execution of sale deeds.
Confirmation of sale in favour of M/s. Balaji Company and direction to deliver land upon execution of sale deed.
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THE HON'BLE Ms. JUSTICE G.ROHINI
COMPANY APPLICATION No. 150 OF 2011 IN
COMPANY PETITION No.57 OF 1999
Dated: 08.03.2011
Between: The Official Liquidator ..... Applicant And Industrial Development Bank of India ….. Respondent The Court made the following:-
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION No. 150 OF 2011 IN COMPANY PETITION No.57 OF 1999
O R D E R :
The Official Liquidator attached to this Court representing M/s. Sirsilk Limited, the company in liquidation filed this application for confirmation of the sale of land admeasuring Ac.182.11 cents situated in survey Nos. 69, 69/2, 70, 70/1, 71, 72,75, 76, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 116 and 117 at Kosini village, Sirpur Kaghaznagar, Adilabad District under lot No.6 for Rs.2,82,00,000/- in favour of M/s. Balaji Company and to permit the Official Liquidator to deliver the said Ac.182.11 cents of land to the purchaser- M/s. Balaji Company represented by Sri B.Venkat Narayana Rao.
By order dated 27.12.2010 in Company Application No.323 of 2010 filed by the unsuccessful bidders was dismissed by this Court. Pursuant thereto, the Official Liquidator by letter dated 20.01.2011 informed M/s. Balaji Company about the dismissal of the said application and advised him to pay the balance sale consideration of Rs.2,58,20,000/excluding the earnest money deposit of Rs.24,00,000/-.
While stating that on 27.01.2011 the office of the Official Liquidator had received the said sum of Rs.2,58,20,000/- by way of Demand Drafts towards balance sale consideration in respect of Ac.182.11 cents, the present application has been filed seeking confirmation of sale and to permit the Official Liquidator to deliver the
land in favour of the purchaser after executing the necessary sale deeds.
I have heard Sri M.Anil Kumar, the learned counsel for the Official Liquidator and perused the material available on record. I have also heard Sri P.V.Markandeyulu, the learned counsel appearing for the secured creditor-Industrial Development Bank of India.
In view of the fact that the disputed land to an extent of Ac.4.27 cents situated in Survey No.77 does not form part of the land now proposed to be transferred, the learned counsel for Industrial Development Bank of India expressed no objection for confirmation of the sale of land in favour of M/s. Balaji Company.
Accordingly, the Company Application is allowed and the sale in favour of M/s. Balaji Company is hereby confirmed and there shall be a direction to the Official Liquidator to deliver the land to the purchaser after executing the necessary sale deed in favour of the purchaser or his nominee. No costs.
____________ G. ROHINI, J
Date: 08.03.2011 Ivd
1 issue framed by the court
Whether the sale of company land should be confirmed and possession delivered to the purchaser after balance consideration was received.
The Official Liquidator
Industrial Development Bank of India
G. Rohini
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
