LEBARA HOTELS PVT LTD Vs. DISTRICT REGISTRAR, (AIG CADRE); DISTRICT REVENUE OFFICER - STAMPS; JOINT SUB REGISTRAR; INSPECTOR GENERAL OF REGISTRATION; SIVA INDUSTRIES AND HOLDINGS LIMITED

JUDGEMENT

(1.) By consent, the Writ Petition has been taken up for final disposal.

(2.) It is stated by the petitioner that the property known as Sterling Towers comprised in Old Survey No.3028, R.S.No.23, Collector Certificate No.5768, Block-2, bearing Old Door No.242 and 243 and present Door No.327, Mount Road (Anna Salai), Chennai originally belonged to the 4th respondent and the 5th respondent's name was originally M/s.Sterling Infotech Limited and subsequently, changed to its present name as M/s.Siva Industries and Holdings Limited, having Registered Office at Old No.19, New No.32, Cathedral Garden Road, Nungambakkam, Chennai - 600 034. The petitioner would further state that at the time of construction of Sterling Towers, the 5th respondent had entered into two agreements with M/s.Arihant Foundation and Housing Limited on 21.10.1999, one agreement for purchase of undivided share and another for construction of a building with basement plus 13 floors. Necessary statutory clearance has also been obtained and the 5th respondent has also entered into a Sale Deed in respect of the undivided share of the land and presented the same for registration along with No Objection Certificate of the Income Tax Department.

(3.) The first respondent has issued a show cause notice dated 30.04.2003 to the 5th respondent stating among other things that the sale deed has been registered without the value of the building and asked them to show cause as to why action under Section 64 of the Act should not be taken. The 5th respondent sent a reply dated 30.05.2003, however an order has been passed directing the 5th respondent to pay a sum of Rs.2,10,20,635/- and challenging the same, the 5th respondent filed W.P.No.24015 of 2003. Pendency of the writ petition, the said property was attached by M/s.Axis Bank Limited under the provisions of SARFAESI Act. Thereafter, negotiation took place, wherein decision has been taken to sell the property. By way of subsequent development, the 5th respondent represented before this Court that at the time of hearing in W.P.No.24015 of 2003 deficit stamp duty has been paid as sought for by the first respondent and on such payment, the sale deed dated 28.03.2001 in Document No.271 of 2002 can be released and accordingly, this Court had passed an order dated 26.08.2015, directing the respondents 1 and 2 to release the document on payment of deficit stamp duty and it was made clear that the said order has been passed without prejudice to any incidental proceedings. Accordingly, the payments have been made and the second respondent has also made an endorsement on 21.09.2015 on the sale deed bearing document No.271 of 2002. Subsequently, in terms of the negotiation, sale certificate was issued in favour of the petitioner by way of private sale with the consent of the borrower permissible under the SARFAESI Act and Rules framed thereunder and accordingly, sale certificate dated 30.09.2015 was issued by the Axis Bank in favour of the petitioner.