SUNITA VASUDEO WARKE Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) The judgment of the learned Company Judge impugned in the appeal arose from a report of the Official Liquidator seeking :

(2.) Hindustan Transmission Products Limited, the company now in liquidation, obtained a lease on 7 September 1990 from Maharashtra Industrial Development Corporation ('MIDC') in respect of a plot of land bearing No.H-16, at Waluj Industrial Area, in the Taluka of Gangapur near Aurangabad. On 7 April 1997, a company petition for winding-up was presented before the Company Court Company Petition No.327 of 1997 (Ms.Jaipur Golden Transport Co. Ltd. Vs. M/s.Hindustan Transmission Products Limited).

(3.) The Appellant claims to have paid an aggregate sum of Rs.30.00 lakhs to the company for the acquisition of the lease hold rights of the plot of land between 14 May 2007 and 26 September 2007. Admittedly, no document by way of an agreement for sale or a transfer deed was executed between the company and the Appellant. The Income Tax returns filed by the Appellant for the period up to 31 March 2008 and thereafter reflected the amount as an investment. MIDC received two letters, one dated 31 December 2007 from the company and the second dated 26 March 2008 of the Appellant. By those letters, the consent of MIDC was sought for effecting a transfer in favour of the Appellant as a chief promoter of a proposed industrial co-operative society. That is the capacity in which the Appellant also sought the consent of MIDC.