DHIR & DHIR ASSET RECONSTRUCTION & SECURITIZATION COMPANY LTD. (NOW KNOWN AS M/S. ALCHEMIST ASSET RECONSTRUCTION CO. LTD. Vs. CONVERNTRY COIL-O-MATIC LTD.

JUDGEMENT

(1.) While requesting to issue a writ in the nature of certiorari, the petitioner inter-alia prays for setting aside the order dtd. 10/3/2016 passed by the Commissioner, Gurugram, in the exercise of appellate jurisdiction under the Indian Stamp Act, 1899 (hereinafter referred to as 'the 1899 Act').

(2.) After having heard the learned counsels representing the parties at length, the following question requires adjudication:-

(3.) In order to comprehend the issues involved in the present case, the following relevant facts, in brief, are required to be noticed:- On 5/3/2008, a deed of assignment of debt was executed between the petitioner, IFCI Ltd. (Financial Creditor) and Asset Care Enterprises Ltd. (hereinafter 'ACE'). It was provided in the assignment deed that IFCI is the absolute owner of the rights, title and interest created under the financial documents, including the receivables and security interest created thereunder. On 15/2/2007, an aggregate of Rs.84,49,38,818.00 including the principal amount of Rs.2,42,99,836.00 and interest of Rs.82,06,38,982.00 was outstanding against the respondent. Vide agreement dtd. 12/9/2007, IFCI agreed to assign the financial asset to the ACE. However, before the assignment could be completed, a tripartite agreement was entered into and the petitioner (M/s Dhir & Dhir Asset Reconstruction & Securitization Company Ltd.) agreed to pay Rs.3,04,00,000.00 to the IFCI and ACE. The deed of assignment was executed on stamp paper of Rs.80.00. On 16/4/2010, a complaint alleging evasion of stamp duty was submitted to the Collector-cum-Registrar, Rewari by respondent no.1 (borrower-loanee). The Collector assessed an additional stamp duty of Rs.18,24,000.00while calculating the stamp duty @ 6% on the purchase consideration of Rs.3,04,00,000.00. The petitioner deposited the amount. Respondent no.1 filed an appeal before the Appellate Authority which was allowed by the Commissioner, Gurugram, while directing them to pay stamp duty of Rs.5,06,96,338.00. Challenging the correctness of the aforesaid order, the writ petition has been filed.