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Issues:
1. Application for fixing the capitalised value of land belonging to a company in liquidation and transfer of reversionary rights. 2. Official Liquidator seeking permission to take possession of the land due to non-payment of rent by the applicant. 3. Dispute over the entitlement of the applicant to retain or transfer the land against the interests of creditors and contributories. 4. Applicant's offer to pay the determined value of the land to resolve the matter. 5. Decision on the preferential right of the lessee to purchase the property and direction for open auction proceedings. Analysis: 1. The applicant, Podar Mills Limited, sought the Court's orders to fix the capitalised value of land leased from a company in liquidation and transfer reversionary rights. The Official Liquidator objected, stating that the transfer would go against the interests of creditors and contributories. The Court held that the property should be sold in an open auction, allowing the applicant to participate. 2. The Official Liquidator filed an application to take possession of the land due to non-payment of rent by the applicant. The State Bank of India, a secured creditor, intervened, citing a Court Receiver's appointment by the Bombay High Court. The Court allowed the Official Liquidator to involve the Court Receiver and directed a redetermination of the land's market value for auction proceedings. 3. The applicant offered to pay the determined value of the land to resolve the dispute, based on a valuation report. The Court considered this offer and directed the State Bank of India to reassess the market value before initiating auction proceedings, emphasizing the need for fairness in the sale process. 4. The Court emphasized that as a lessee, the applicant did not have a preferential right to purchase the property. Instead, the property should be sold through open auction, with the State Bank of India tasked with determining the market value and overseeing the auction process. This decision aimed to ensure transparency and fairness in the disposal of the land. 5. In conclusion, the Court disposed of the application by directing the Official Liquidator to proceed with auction proceedings after reassessing the market value of the land. The judgment highlighted the importance of conducting the sale through open auction to safeguard the interests of all parties involved.
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