IN THE MATTER OF: M/S. CYGNUS DEVELOPERS (INDIA) PVT. LTD. Vs. THE OFFICIAL LIQUIDATOR, HIGH COURT AT CALCUTTA

JUDGEMENT

(1.) The applicant is a purchaser of some assets of the company (In Liquidation). They include the factory premises at Taratolla Road, Kolkata and Biren Roy Road, (West) South Shibrampur, Kolkata. The dispute is with regard to the Biren Roy Road property.

(2.) The sale was confirmed by this Court in 2007. The conveyance was executed on 4th September, 2008. This application was filed on 12th May, 2011. The principal allegation is that the land is recorded as agricultural land and the applicant is unable to make any use of it for industrial purposes. It is said that it is only recently that the applicant realised this, at the time of mutation activity in the land department.

(3.) Mr. Basak for the State opposes this application with great fervour. First of all, he submits that this land was sold on 'as is where is basis'. The purchaser took it with his eyes open. He knew or ought to have known that the land was recorded as agricultural land. On that footing he had taken the land. Now, this purchaser cannot turn around and complain against agricultural land having been conveyed to him. He cites the case of United Bank of India v. Official Liquidator and Ors. decided by the Supreme Court and reported in 79 Company Cases 262. He cites the following passage at page 272.