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TMI Blog2012 (11) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... nt was not executed cannot be accepted at this stage, since the period, which has lapsed is much beyond the period that would have been indicated as lease period in a normal course if the agreement had been executed - KIADB is directed to receive the sum of Rs. 3,07,651 from the applicant-company execute and register the sale deed in favour of the applicant-company in respect of the application schedule property - CO. APPLICATION NOS. 1425 OF 2011 & 370 OF 2012, CO. PETITION NO. 109 OF 2007 - - - Dated:- 31-5-2012 - A.S. BOPANNA, J. Uday Holla and Saji P. John for the Applicant. K.S. Mahadevan, Jayaram, P.V. Chandrashekar, Gowtham Dev C. Ullal and K. Prakash for the Respondent. ORDER C.A. No. 1425/2011 1. The insta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d substance of the objection raised to the application as contended on behalf of the first respondent is that, the said property measuring 7 acres 1 gunta was no doubt allotted to the applicant-company by allotment letter dated 19.05.1972 (Annexure-A). But in the absence of there being a lease-cum-sale agreement and the terms of lease being complied with and the period of lease also having been lapsed, the question of computing the sale deed does not arise. As such, it is contended that the prayer made in the application to execute the sale deed cannot be granted in the light of the said objection statement. 5. I have perused the relevant clause contained in the scheme of arrangement, which was approved by this Court (Annexure-D), based ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e second respondent therein had any objection to this scheme of arrangement, insofar as the manner of convening the property to the applicant-company by the KIADB, it was for the second respondent to raise such contention at that juncture so that the same would have enabled this Court to consider that aspect of the matter in the light of the contention which had been put forth with regard to the approval or otherwise of the scheme. In the absence of such objection, when the court has considered and approved the scheme in the form in which it has been brought before this Court, and that too in the presence of KIADB, at this juncture all that is necessary is to see that the scheme is implemented as approved by this Court. As provided in the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xure - B). This would indicate that the applicant-company had enjoyed possession of the property from the year 1972 till the date this Court had intervened by passing the order of winding up in the year 1985. Thereafter the official liquidator had stepped into the shoes and continued in possession. Therefore, the company is deemed to have continued in possession of the property once the scheme was approved by this Court, which would span a period of nearly four decades. Hence, the mere contention that the lease-cum-sale agreement was not executed cannot be accepted at this stage, since the period, which has lapsed is much beyond the period that would have been indicated as lease period in a normal course if the agreement had been executed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordingly, the first respondent - KIADB is directed to receive the sum of Rs. 3,07,651 from the applicant-company execute and register the sale deed in favour of the applicant-company in respect of the application schedule property. The said amount shall be deposited by the applicant with the first respondent-FIADB within a period of two weeks from the date of receipt of a copy of this order. The KIADB shall thereafter execute and secure registration of the sale deed as expeditiously as possible, but not later than four weeks from the date on which the amount is deposited with the KIADB. In terms of the above, the application in C.A. No. 1425/2011 is allowed. C.A. 370/2012 The learned Senior Counsel appearing on behalf of the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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