ACCUMEASURE PUNJAB LIMITED IN LIQUIDATION PUNJAB NATIONAL BANK Vs. PUNJAB WIRELESS SYSTEM LIMITED MOHALI

JUDGEMENT

(1.) Vide order, dated 13. 2. 1998, the bid of Essar Commission Ltd. (auction purchaser) was accepted. The property of the company in liquidation (M/s Accumeasure Punjab Limited) namely, Plot No. B-75, Phase VII, S. A. S. Nagar, Mohali, was ordered to be transferred in the name of the auction purchaser. The sale was also confirmed. The official liquidator was directed to hand over the possession of the property to the auction purchaser. The sale was confirmed on 13. 2. 1998 by this court.

(2.) The auction purchaser asserted that earlier, it had sent the offer to the official liquidator, vide letter, dated 20. 11. 1997, offering to purchase the property' An amount of Rs. 1,60,00,000 was offered. It was mentioned that all liabilities including taxes, charges and payment to any other authority/party will be on account of the liquidator subsequently, the offer was revised and an offer of Rs. 201 lakhs was made. The auction purchaser company has been writing to the Punjab Small Industries and Export Corporation Ltd. to issue the title deed/lease deed of the plot in its name. The Punjab Small Industries and Export Corporation Ltd. issued 'no. Objection Certificate'. It was mentioned in the No Objection Certificate that the Corporation has no objection for the transfer of the plot without prejudice to the rights/-claims of the Corporation with regard to the applicable dues, restoration fees and extension fee, etc. It was intimated that a sum of Rs. 1,19,65,511 is outstanding against the plot. The title deed had not yet been delivered. The auction purchaser company stated that Rs. 2,75,00,000 had been paid and is lying with the official liquidator. If any amount is due to the Punjab Small Industries and Export Corporation Ltd. , the same is to be paid by the official liquidator from the said amount. In the interest of justice, equity and fair play, it was claimed that the Punjab Small Industries and Export Corporation Limited and the official liquidator should be directed to transfer the lot in the name of the auction purchaser company and title deed should be delivered to the said company, otherwise, the amount of Rs. 2,75,00,000 be returned to the auction purchaser company.

(3.) Official liquidator had filed the reply. It was pointed out that respondent No. 6, namely, Punjab Small industries and Export Corporation Limited, be ordered to issue the title deed to the auction purchaser.