GLOBE ASSOCIATES P LTD Vs. AMAR SINGH

JUDGEMENT

(1.) .M/s. Globe Associates (P) Ltd. is the company against which winding up petition was filed way back in the year 1968. In that petition the Court ordered this company to be wound up and this order was passed on 7.3.1969 i.e. Company 'died' 35 years ago. However, its ghosts still haunts. In the process of liquidation of the company's assets, the respondents in this application purchased one property. However, they are still battling out their rights. The unique feature of the case is the manner in which it has taken the twists and turns. This application was filed by the Official Liquidator (OL) on behalf of the company wherein prayer was made foi review of order dated 18.8.1983 whereby sale was confirmed in favour oi the respondents herein on the ground that the value of the property was much more and, therefore, the said confirmation order be recalled: The company/OL and the respondents settled the matter during the pendenc of these proceedings. However, incidental issue which arose was regarding the unearned increase to be payable to the DDA and the war is now wagec between the purchaser and the DDA.

(2.) . Let us take stock of the events which took place from time to time to appreciate the problem.

(3.) Vide order dated 18.8.1983 passed in the winding up proceedings, this court sanctioned the compromise/settlement in respect of Plot No. 16-A, Rani Jhansi Road, Motia Khan, New Delhi. It transpires that the original owners of the plot were respondents 1 to 4 and the said owners purportedly entered into an agreement to sell this plot to the M/s.Aero Shine. After winding up order was passed the company (in liquidation) (hereinafter referred to as 'the Company') filed an application under Section 446 of the Companies Act being CA.358/80 for specific performance of the said agreement to sell. However, during the pendency of these proceedings, M/s.Aero Shine made an application i.e. CA.161/1983 to settle the dispute on payment of a sum of Rs. 75,000/- with the O.L. in settlement of the rights of the Company .against respondents 1 to 5 in CA.358/1980, namely, application for specific performance. It is this compromise/settlement which was approved by this court vide order dated 18.8.1983. On 29.8.1983 instant CA.504/1983 was filed by the company through OL for review/recall of the order dated 18.8.1983 on the ground that the value of the land in question was much more and even DDA which was arrayed as the respondent No. 6 was demanding a sum of Rs. 4,58, 175.89p towards unearned increase for transferring the property in favour of the company. It may be mentioned that there is an earlier order dated 31.8.1981 on record which reads as under: . "DDA has worked out a sum of Rs. 4,58, 175.89p provisionally which would be payable by the applicants in case it is decided that the plot be transferred in their favour".