PANKAJ UNIT NO.1 HOUSING DEVELOPMENT COMPANY PRIVATE LIMITED Vs. OSHIWARA LAND DEVELOPMENT COMPANY PRIVATE LIMITED

JUDGEMENT

(1.) The Notice of Motion applies for a decree on admission. The facts of the case may be briefly set out as follows.

(2.) Plaintiff Nos. 1 and 2 are companies under Part IX of the Companies Act, 1956 incorporated as such upon conversion of two co-operative societies, which themselves came into existence on account of de-merger of Pankaj Co-operative Housing Development Society Ltd. ("Principal Society").

(3.) Defendant No. 1 was the owner inter alia of land forming part of Survey No. 41 at Oshiwara in Mumbai, which was reserved as No Development Zone ("suit property"). By a registered Deed of Lease of 17 September 1981, Defendant No. 1 demised the suit property unto the Principal Society for 98 years. Clause 6 of the Lease Deed provided that the Lessee shall have a right to purchase the reversionary rights in respect of the suit property from the Lessor at the rate of Rs. 9.95 per sq. ft. In 1981 and 1983 development agreements were entered into in respect of the suit property between the Principal Society and Defendant No. 2 (who was originally Plaintiff No. 3 in the present suit and later transposed as a defendant as mentioned below). The suit property was surveyed and measured in the year 1999 and its boundaries were fixed. The property admeasured about 9,01,983.9 sq. mtrs. or 224 acres. In 2001, the Principal Society was demerged and two societies (the predecessors of the present Plaintiffs) came into being. The leasehold rights of the Principal Society thus came to be jointly vested in the predecessors of the Plaintiffs. In 2011, the two societies were converted to Joint Stock Companies under Part IX of the Companies Act and thus became successors in interest of the leasehold rights in the suit property.