RESERVE BANK OF INDIA Vs. JVG FINANCE LTD

JUDGEMENT

(1.) This is an application filed by one Achyut Kumar Sharma and the following prayers have been made therein: -

(2.) The application has been filed in the following circumstances. M/s JVG Finance Ltd, which is the company in liquidation and the respondent in the company petition, was provisionally ordered to be wound up by this Court on 05.06.1998; thereafter the final winding up order was passed on 29.08.2003 on which date the Official Liquidator was appointed as the liquidator of the company. Pursuant to a sale proclamation, certain lands belonging to the company in liquidation, situated at village Konaghatta, Kasba Bobli, Doddaballapur, near Bangalore were sold through auction on 17.05.2006. The land was sold to M/s. Metro Nirvana for the sum of Rs.2,05,00,000/-. The entire amount was paid by the auction purchaser on 31.07.2006.

(3.) It is stated in the application that the land belongs to the applicant, who claims to be the real and registered owner thereof, and that on coming to know of the auction sale on 22.08.2006 through his counsel, he approached this court and filed Company Application No.1315/2006 on 24.08.2006 praying for impleading him as a necessary party in the company petition. In that application the applicant further contended that he had purchased 21 acres of land out of which 16.9 acres were wrongly sold to the auction purchaser on 17.05.2006. In support of the application and the claim that the land were owned by him, the applicant produced, along with the aforesaid application, the copies of the sale deeds dated 22.04.1995, 24.04.1995 and 06.05.1995 executed in his favour. It was further claimed that the applicant purchased the aforesaid land with the help and assistance of one C. M. Chopra, a broker. After the purchase of the land, a general power of attorney (GPA) was executed by the applicant in favour of the said C.M. Chopra and it was also duly registered. Several supplementary or additional affidavits to the application were also filed contending that the land in question had wrongly been sold to the auction purchaser, that mutation of the land had taken place in favour of the applicant and was also passed by the competent authority in the State of Karnataka and that in these circumstances the auction should be cancelled and the land be restored to the applicant.