SALARPURIA HOUSING PRIVATE LTD Vs. NGEF LIMITED

JUDGEMENT

(1.) ORDER ON THE COMPANY PETITION NO. 1589/2003 this is an application filed under Rules 6, 7 and 9 of Company Rules read with Section 151 of C. P. C by a person, who claims to have had certain agreement with the respondent company, seeking direction to be issued by this court to the respondent-company to execute a sale deed in favour of the applicant company pursuant to the agreement of sale dated 17. 1. 2002, purported to have been executed by the respondent company.

(2.) THE application is supported by an affidavit by one Bijay Kumar Agarwal, Director of Applicant-company, interlia stating that an agreement of sale of certain properties, belonging to the respondent company was entered into on 17. 1. 2002; that pursuant to the said agreement of sale, certain amounts have been paid by way of an advance; that the respondent company has not completed the sale transaction within the stipulated time, in spite of several requests made by the applicant. The respondent-company having not executed the sale documents and on coming to know that the reason for not so executing the sale document was that the company petition No. 154/2002 was pending before this of this court in this petition. Hence, the application has been filed.

(3.) THE application is opposed by the counsel for the respondent. The respondent counsel has entered his appearance and also filed his objections, interalia stated in objections that the applicant has failed to pay the balance sale consideration in terms of the contract of sale agreement etc. , that the applicant has lost all rights on agreement of sale; that the property value in question has been increased substantially for the last 16 months subsequent to the date of agreement; that the Board for Industrial Finance and Reconstruction has already made a recommendation to this court for passing an order to wind up the affairs of the respondent Company, and in such circumstances, the company will also be not in a position to execute the sale deed and on such premise, prayed for rejecting the application.