9911796707
TMI Blog2003 (4) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The applicant is a third party auction purchaser. Pursuant to the terms and conditions set forth inter alia in the auction notice, he participated in the auction and became the highest bidder. Thereafter the bid was knocked down in his favour and after paying the sale consideration, a sale deed was executed in his favour by the Official Liquidator and the property was also delivered. It so transpired subsequently that there appears to be some property tax arrears, building maintenance charges besides electricity consumption charges. When there has been a demand for payment of the property tax, the electricity charges and building maintenance charges, the applicant has now come forward with the present application for directing the Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod of twelve months preceding the relevant date, namely, date of winding up order passed by the Court shall take precedence over the other debts payable by the company to the unsecured creditors. In the instant case, the major portion of the amount payable towards taxes and charges was subsequent to the date of the winding up order. At any rate, section 530 of the Companies Act cannot be invoked in the present case inasmuch as it is available only when the assets of the company which is ordered to be wound up by the company court are sought to be disbursed to the creditors, secured as well as unsecured, when the question of payment of preferential claims would arise. 4. The learned Counsel appearing for the applicant then seeks to plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Liquidator. The preferential claims like the claims of the secured creditors could not even be met in full. Therefore, there is no amount available with the Official Liquidator to meet any other demand including the debts of the unsecured creditors. Having regard to the said factual scenario, it becomes quite unreasonable for the Court to direct the Official Liquidator to meet the demand of the payment of property tax, electricity consumption charges and building maintenance charges. 5. With eyes wide open the petitioner after having gone through the terms and conditions as set out in the tender agreed to purchase the property. Therefore, he has to pay the taxes which are payable for the property which obligation runs along with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terpretation by the Apex Court and having regard to the said clause it was held that it is for the auction purchaser to pay the arrears towards the property taxes, etc. Of course, clause (9) as set out in the tender notice in the instant case is not akin to the one which has come up for interpretation by the Apex Court in the said Judgment. Clause (9) reads as under : "9. No complaint of any defect or default in the said assets or by reason of any error or fault in the description or by deficiency thereof or in the particulars thereof shall be entertained and there shall be no claim of whatsoever kind in respect thereof." 8. It is obvious from a perusal of the said clause that no complaint of any defect or default in respect of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
