9911796707
TMI Blog2015 (7) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... een the applicant and hte directors of the respondent company is established. In the circumstances the fact that the applicant was not aware that the property was initially belonging to the company under liquidation is probable. Apart from this position the applicant has offered to pay to the Official Liquidator the valuation property as on the date of the transfer. The valuation is ₹ 139 lacs. The Official Liquidator has no serious objection for receipt of the money in lieu of the possession of the property. - interest of justice will be served if the applicant deposits an amount of ₹ 139 lacs with the Official Liquidator within a period of six weeks from today. Accordingly the company application is allowed in terms prayer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of selling the land situated at Dholka Balle Druges, Survey No./Plot No. 1354, Bhatwada, regdsTrasad Village Road, Dholka Taluka, Dholka, District Ahmedabad, which is the subject matter of the present application. 4. According to the applicant, Mr. Dave represented to be the owner of the factory premises. The applicant sought inspection of the relevant property documents and negotiations took place between the parties. It is the case of the applicant that Mr. Dave informed that there is no charge or lien of any kind on the said factory premises and he was legally entitled to sell the property. Mr. Lalitkumar Dave informed that he had purchased the said factory premises from M/s Eupharma Laboratories Ltd. on 27 December 2007 by agreemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue authority. 6. The applicant has stated in the rejoinder that an amount of ₹ 234.30 lacs approximately was incurred by the applicant in making the site usable for setting up a chemical factory. Investment for godown, overhead expenses, under grounding, water line expenses and electricity expenses etc. was made. Production activities started since October 2012. During the period from 1 October 2012 and to 31 March 2013, the applicant produced goods of almost of ₹ 378.12 lakhs, and ₹ 45.37 lakhs towards excise duty and ₹ 21.17 towards sales tax were paid. The workers salary to the tune of ₹ 24 lakhs was paid. It is also averred that the applicant has obtained all the necessary factory licences, electricity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted his report. The valuer has valued the property in question at ₹ 139 lakhs. The learned counsel for the applicant on instructions state that he is agreeable to pay ₹ 139 lakhs to the official Liquidator and prays that sale may same be regularized. 10. The learned counsel for the Official Liquidator submits that the sale which has been executed in favour of the applicant was admittedly during the period when the company was under liquidation and could not have been executed. The learned counsel submitted that the sale in favour of Mr. Dave itself was suspicious. The learned counsel for the Official Liquidator, submitted that considering the fact that the applicant has invested large amount of money after purchase of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no entry that the property was of the company under liquidation. The applicant had purchased the property from the person who had in turn purchased from the Company under liquidation. No collusion between the applicant and hte directors of the respondent company is established. In the circumstances the fact that the applicant was not aware that the property was initially belonging to the company under liquidation is probable. The applicant took all proper steps and did issue public notice. The applicant has paid consideration to Mr. Dave by Demand Drafts and thereafter has invested substantial amounts towards repairs. It is placed on record that the factory is in operation and production is going on. Apart from this position the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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