9911796707
TMI Blog2012 (9) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be expected to bear the development cost of the entire land. Since the appellants have been found to be bona fide purchasers and even Sale Deeds exist in their favour, at the time of putting the land / Project to auction, the learned Company Judge should, without undermining the value of the land / Project, explore the possibility of doing the same on as is where is basis i.e. with the highest bidder acquiring the Project with commitments in favour of the appellants. - CO. APP. NO.71/2011 - - - Dated:- 11-9-2012 - MR. JUSTICE RAJIV SAHAI ENDLAW, J. For Appellants: Mr. H.K. Chaturvedi Ms. Anjali Chaturvedi, Advs. For Respondents: Mr. Rajiv Bahl, Adv. for Official Liquidator. RAJIV SAHAI ENDLAW, J. 1. The six ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d layout plans are available; that even if sanction had been obtained in the year 1991, the same would have by now lapsed and will have to be obtained afresh; that huge expenditure is required to be incurred on the development work. 4. On the basis of the report aforesaid, the learned Company Judge has concluded that the directions, as sought by the appellants, could not be issued and more so when the office of the Official Liquidator is overburdened and has no expertise in such development. The learned Company Judge has accordingly directed refund of the amounts paid by the appellants with simple interest at 4% per annum in lieu of allotment of land to be done. The claim of appellants for additional compensation has been left open, to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which belongs to the company in liquidation, does not arise. No concrete proposal also has been placed before us as to development. The counsel for the Official Liquidator has rightly contended that the appellants being the purchasers of handful of plots, cannot be expected to bear the development cost of the entire land. 9. In the aforesaid circumstances, the relief sought by the appellants cannot be granted. The photographs filed also do not show that the plots which the appellants claim to have been sold to them are identifiable at site. The directions as sought by the appellants to the Official Liquidator are impractical. Several authorities will have to be approached for sanctions and the entire business of colonization will have to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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