OFFICIAL LIQUIDATOR Vs. KARNATAKA INDUSTRIAL

JUDGEMENT

(1.) This appeal, under Sec. 483 of the Companies Act, 1956 (hereinafter referred to as 'the Act'), has been filed against the order dtd. 28/11/2022 passed by the learned Company Judge.

(2.) In order to appreciate the appellant's grievance, few relevant facts needs to be mentioned which are stated infra:

(3.) The Company, however, failed to implement the project. Thereupon, the Board, in its meeting held on 7/1/1987, took a decision to cancel the allotment of land made to the Company and by communication dtd. 30/1/1987/2/2/1987, the Company was informed about the decision of the Board to cancel the allotment on account of non-utilization of the land. The company was asked to handover the possession of the land in question.