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2008 DIGILAW 1040 (JHR)

B. I. F. R. v. Umi Special Steel

2008-08-29

R.K.MERATHIA

body2008
ORDER R.K. Merathia, J. 1. Chennai Property: Mr. Rajiv Ranjan submitted that though the agreement with regard to the Chennai property was executed, but when the purchaser went to take possession of the property he was informed by the society that there are dues of about Rs. 4,00,000.00 on the property and therefore, the said dues should be paid by the official liquidator. The Official liquidator referred to the following portion of the order No. 75 of dated 14.3.2008: (II) Pune Property A. - Mr. Ananda Sen, appearing for K.B. Mathew, highest bidder, raises question at this stage, that there are some electricity, municipal and society's dues on the flat, which Mr. Mathew is not required to pay. He relied on Section 55(g) of the Transfer of Properties Act and deletion of Clause 5 of the Sale notice. On 4.10.2007, the intending purchaser and the secured creditors submitted that it might be difficult for the parties to enquire about the right, title regarding a property, and the duty or other dues payable in respect of the properties in question are already covered under the terms of Sale Notice, namely, "As is where is & whatever there Is" basis. The parties were free to inspect properties in question. The Inspection not only means the nature and state of the property but also an enquiry whether there are any dues over it. In the circumstances, Section 55(g) of the Transfer of Properties Act is not applicable and the parties are liable to pay the dues of the Government/Government instrumentalities, like municipal dues, electricity dues and the dues of society etc. On this Mr. Sen, appearing for Mr. Mathew, submitted that he is agreeable to pay the balance amount by 30th April, 2008 and he will be liable to pay the said dues, if any, directly if and when demanded. Accordingly, Mr. Mathew will deposit the balance amount against the offer of Rs. 25,01,000/- along with a draft deed of conveyance by 30th April, 2008. He will also be liable to pay the dues of Government/Government instrumentalities like municipal dues, electricity dues and also the dues of society etc. if any. Thus, it is seen that the property was sold on "as is where is and whatever there is" basis and therefore, the purchaser is liable to pay the dues, if any on the Chennai property: 2. I.A. No. 2402 of 2008: Mr. if any. Thus, it is seen that the property was sold on "as is where is and whatever there is" basis and therefore, the purchaser is liable to pay the dues, if any on the Chennai property: 2. I.A. No. 2402 of 2008: Mr. Rajiv Sinha submitted that regarding bifurcation of valuation, similar order which was passed on 29.2.2008 with regard to Faridabad property may be passed for M/s. Jindal Steel Limited also. As prayed by Mrs. M. Patra appearing for the official liquidator, put up on 12th September, 2008, within which reply to the same, if any, must be filed. 3. I.A. No. 2516 of 2008: As prayed by Mrs. M. Patra, put up on 12th September, 2008 within which reply to the same, if any, must be filed. 4. I.A. No. 1744 of 2008: Mr. H.K. Mehta, appearing for the highest bidder with regard to the Pune (B) property, submitted that the time for depositing the entire bid amount may be extended by three months. In the circumstances, time for depositing the entire bid amount is extended up to 14th November, 2008. Accordingly, this I.A. No. 1744 stands disposed of. 5. Report dated 28.7.2008: Mrs. M. Patra, appearing for the official liquidator submitted that she may be permitted to initiate proceeding against the Ex-Director of the Company under liquidation as mentioned in Annexure A of the Investigation Report for misfeasance of a sum of Rs. 28,65 lacs. Issue notice to the Directors as mentioned in Annexure A. Notices may be sent by Speed Post with acknowledgment due. Notice on Sri Josef Karl Kremer may be sent through Registered Post as well as through Embassy. Steps for the issuance of notice must be taken within four weeks. 6. Let a copy of this order be handed over to Mrs. M. Patra, counsel appearing for the official liquidator, as prayed.