JIGNESH SHAH & ORS. Vs. SHAPOORJI PALLONJI & CO. LTD. A COMPANY INCORPORATED UNDER THE PROVISIONS OF COMPANIES ACT OF 1913

JUDGEMENT

(1.) Appellant Nos. 1 to 4 are partners of Appellant No.5 Crescent Builders. They have filed this appeal being aggrieved by the order of the learned Single Judge dated 22/01/2015 passed in Court Receiver's Report No.381 of 2014 in Suit No.1512 of 2009. By the said order, the learned Single Judge was pleased to accept the Court Receiver's Report and permitted the Court Receiver to proceed with the sale of 18 unsold flats and pay the sale proceeds thereof in discharge of (a) dues of Defendant No.6 - Corporation, (b) decretal amount of Rs. 107 crores payable to the Plaintiff and (c) cost of construction. Secondly, the Municipal Corporation was directed to consider the application dated 03/11/2014 made by M/s Parelkar and Dallas for regularisation of areas in the building under construction to bring the same within the sanctioned plan and proceed to regularise the areas, if otherwise permissible in law without insisting upon an upfront prior payment of its share of capitalized value and other consequential reliefs were also granted.

(2.) Principal contention of the Appellants is that no flat could be sold by the Court Receiver until Occupation Certificate of the building is obtained in terms of Clause 6 of the Consent Terms.

(3.) Before we deal with the submissions made by the learned Senior Counsel appearing on behalf of the Appellants, it would be necessary to briefly state the chequered history of this case.