M.J. MEHTA AND CO Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This appeal under Sec. 482 of the Companies Act, 1956 has been filed against an order dtd. 21/10/2022 passed by Learned Single Judge by which application preferred by M/s M.J.Mehta and Company(hereinafter referred to as 'the Appellant' for short) under Rule 9 of the Company (Court) Rules, 1959 (hereinafter referred to as 'the Rules' for short) has been dismissed. In order to appreciate the grievance of the appellant, relevant facts need mention, which are stated hereinafter.

(2.) The Appellant had made an application to Karnataka Industrial Areas Development Board (hereinafter referred to as 'the board' for short) for allotment of land on 21/1/1981, to set up manufacturing and other commercial enterprises and ventures. The appellant was allotted around 150 acres of land of various survey numbers vide 2 registered lease cum sale agreement dtd. 7/12/1983 in Kalaveri Village, Dharwad, for a period of 10 years. Under the aforesaid lease cum sale agreement, the appellant was permitted to sub let / sub-lease the land. The appellant therefore executed a sub lease on 12/4/1985 for a period of 10 years in respect of land measuring 28 acres in favour of company in liquidation viz., M/s Star Volkmann Ltd. (hereinafter referred to as 'the company in liquidation' for short).

(3.) Thereafter, supplementary lease agreements dtd. 6/4/1981 and 22/11/1993 were executed between the board and the appellant extending the lease for a further period of 11 years. The appellant thereupon executed a supplementary agreement dtd. 2/12/1993 in favour of appellant in liquidation for a further period of 11 years in respect of land measuring 28 acres.