SH. SAMEER SHARMA Vs. M/S TRIVENI INFRASTRUCTURE ...

JUDGEMENT

(1.) Both these applications pertain to the same issue as to if the Official Liquidator is liable to refund an amount of Rs.6,01,34,307/- along with interest @ 4% p.a. to the applicant as was directed vide order dated 08.02.2016.

(2.) It is the case of the Official Liquidator that an amount of Rs.8,32,34,307/- was allegedly paid by M/s Sanchar Nest Sahkari Awas Samiti Ltd. (hereinafter referred to as 'the Awas Samiti') for purchase of a parcel of land admeasuring 27455.80 sq.mts situated in Village Mehrauli, Pargana, Tehsil Dasha, Ghaziabad, U.P. which in fact was owned by four different companies namely, (a) Triveni Infrastructure Development Company (610.14 sq.m), (b) RMS Club and Resorts Ltd. (16,485.16 sq.m), (c) Chahat Garments Pvt. Ltd. (8,983.63 sq.m) and (d) Rewari Developer Pvt. Ltd. (1,376 sq.m). The land was directed to be sold on 'As Is Where Is And Whatever There Is Basis' and was being sold with the consent of all the companies. It is alleged the said land was purchased prior to the winding up of proceedings and Sanchar Nest had paid only an amount of Rs.15 lakh to the company (in provisional liquidation) on 27.01.2010. This Court directed the sale of the land be carried out by way of open auction under the supervision of the Court prior to passing of an order appointing the Official Liquidator as a Provisional Liquidator of the company. M/s Sanchar Nest participated in the auction and placed its bids. Vide order dated 27.07.2011 the applicant was successful in its bid for purchasing the land at Rs.23.10 crores and out of which it had paid an amount of Rs.8.32 crores, the bid amount, including Rs.2.31 crores as the initial amount. However, the applicant company did not further carry out the transaction and applied for refund of its amount paid. Vide order dated 08.02.2016 the Official Liquidator was directed to refund the amount of Rs.6,01,34,307/- @ 4%.

(3.) It was argued by learned counsel for the Official Liquidator since only an amount of Rs.15 lakh was paid to the company in provisional liquidation so only such amount can be refunded to the applicant herein.