JAYPEE TRADING CO. LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) By this application the applicant herein seeks to disclaim the subject premises in Mysore and for completion of sale by execution of deed of conveyance.

(2.) The case of the applicant is that the company, Remington Rand of (India) Limited went into liquidation on 6th December, 1999. Prior thereto, the company and the applicant herein entered into an agreement dated 1st April, 1995 for sale of the factory as a going concern alongwith the land for Rs.1.70 crore. It was agreed that the sum of Rs.8 lakhs advanced by the applicant to the company would be adjusted towards the consideration money. Between 1996 and 1998 a sum of Rs.1.10 crores was paid by the applicant to the company. Thereafter, further sums were paid and all that was required to be paid by the applicant to the company was Rs.29 lakhs.

(3.) Pursuant to the said agreement of April 1995 on 10th February, 1999 the company and the applicant entered into an agreement whereby possession of the factory premises was handed over by the company to the applicant herein. On 25th March, 1999 a further agreement for lease subject to renewals was executed between the parties, for 10 years commencing from 1st April, 1999. All payments were made to the company by draft and in spite of letters written by the applicant to the official liquidator, since 2001 no reply was given by the official liquidator nor steps taken to execute the Deed of Conveyance. It is only by letter dated 21st June, 2013 that the Official Liquidator has informed the applicant that necessary directions be sought from the Hon'ble Court as the subject premises is not in its possession but in the possession of the applicant.