REGISTRAR OF ASSURANCES Vs. ASL VYAPAR PRIVATE LTD

JUDGEMENT

(1.) Leave granted. Background:

(2.) In Re the Partition Matter: In a Partition Suit being Extraordinary Suit No. 32 of 1987, Ld. Single Judge passed an order dtd. 15/9/1987 for the sale of Premises No. 20 to 20/14 (except 20/10) Chetla Flat Road, Kolkata- 700027 ("the land"), measuring 41 cottahs and 21 chittacks, i.e. approximately 2800 square metres. On 8/3/2006, the Joint Receivers appointed by the Court issued an advertisement in The Telegraph, a leading daily newspaper for sale of the land. At the auction, several parties participated, and the offer made by one Priya Dutta at the rate of Rs.1,88,500.00 per cottah was the highest. However, she did not pay the entire earnest money which was stipulated at the rate of 10% of the bid amount. Sati Pvt. Ltd. (R1 in S.L.P.(C) 22197 of 2010) also offered to match the bid amount Rs.1,88,500.00 and to pay the entire earnest money within 3 days. The court directed default clauses in case of failure to pay the earnest money or consideration amount, such as, if Sati Pvt. Ltd. did not pay the earnest money within 3 days, the joint receivers could proceed to convey the property to the next highest bidder whose bid was for Rs.1,88,000.00 per cottah.

(3.) Vide order dtd. 4/12/2006, Ld. Single Judge accepted the offer of Sati Pvt. Ltd. and confirmed the sale in its favour. It was further directed that the aforesaid consideration being the actual consideration for the property would be treated as value of the property for the purpose of registration and stamp duty. The Joint Receivers executed the conveyance in favour of Sati Pvt. Ltd. and presented the same for registration on 16/5/2007 for sale consideration of Rs.78,69,875..00 Stamp duty of Rs.5,48,810.00 and Registration Fee of Rs.86,650.00 were also paid.