9911796707
TMI Blog2007 (7) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... Star Spin and Twist Machineries. limited in COP 111/98. 'The Official Liquidator attached to this Court was put in charge of the affair of the company in liquidation. On, a report made by the official Liquidator in OLR No.54/05, this Court by an order dated. 1.12.2005 permitted. him to take steps to bring the properties of the Company for sale. Accordingly advertisement for sale of the assets of the Company was published in the editions, of the Economic times and Vijaya Karnataka - a Karnataka daily which is circulated in Hubli and the same was published in the aforesaid newspapers on ,30.12.2005. The entire assets of the Company was classified into two heads:: Lot (1) Land Building Elind. Civil Works. Lot (2) consisted of Plant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m, 6, As: the sale of .the property is not yet, confirmed by this Court, the question of going in the right of M/s. M J Mehta. Co at this stage in this proceeding; would not arise, Therefore, it is. not necessary to go into his, claim. But the fact remains to be, considered is Whether the Company is the owner of the property which is auctioned or whether the auction purchaser would get title to the property? 7. It is settled law that in a court auction. what the auction purchaser gets is the rights, title and interest of the judgment debtor. The Court neither confers title nor is obliged to maid good the title, in favour of a auction purchaser, if the title is shown to be defective. But none-the-loss the Court has 'a responsi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the property. It also makes it clear that the sale is As is where is and whatever there is basis. However there is no specific reference to the fact whether it. is s free-hold or lease-hold right which is sought. to be sold,, The said notification has also made it clear that the sale is subject to confirmation, by this Court. In this context:, before confirming the sale in favour of the successful bidder, the Court made it clear to the ,auction purchaser the aforesaid legal position viz.that the company under liquidation is not the owner of the property in question. However, he was upon to say whether in view' of the aforesaid admitted. Position he is willing to purchase the property in an is where is condition, In other words, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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