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Judgment
Manmohan, J.—Present applications have been filed against the impugned orders passed by Mr. J. P. Aggarwal, one man Committee appointed by this Court rejecting their claims in respect of plots in JVG Hills Layout, Kondhapur Village, Hyderabad. The details of the land where ownership is claimed as well as the dates of impugned sale deeds according to the impugned reports of the Committee are mentioned in the chart given below:
Sl. No.
CA No.
Plot No.
Date of Impugned Sale Deed(s)
1.
2274/2011
B - 563
15/10/1999
2.
2280/2011
C - 337
24/01/2000
3.
2283/2011
C -321
15/10/1999
4.
2286/2011
B -549 (Eastern Part)
22/06/2000
5.
2289/2011
B -549 (Western Part)
22/06/2000
6.
2292/2011
F - 231
02/12/1998
7.
2301/2011
E - 323 A
12/06/1998
8.
2304/2011
C - 387
17/07/1998
9.
2307/2011
A - 530
27/01/2001
10.
2313/2011
C -374
10/07/1998
In view of the order dated 23August, 2011 passed in Co. Appl. 1633/2011 in Co. Pet. No. 265/1998 as well as the fact that sale deeds in the present applications have been executed and some payments have been paid only after appointment of Provisional Liquidator, this Court finds no infirmity in the decision rendered by the One Man Committee. It is pertinent to mention that the sale deeds have been executed contrary to a specific injunction order dated 05June, 1998 and the payments made by the applicants after the appointment of Provisional Liquidator have not been received by the Official Liquidator. Further, no transparent procedure of sale/auction has been followed as is normally done in cases after appointment of Provisional Liquidator. Consequently, this Court is of the opinion that even though the applicants are entitled in law to invoke the jurisdiction of the Court u/s 536(2) of the Companies Act, 1956, yet keeping in view the totality of the facts of the case, this Court is not inclined to grant any relief under the said Section.
Accordingly, the applications are dismissed. It is held that the applicants/claimants are not entitled to allotment of plots mentioned hereinabove. The applicants are further permanently restrained from selling, parting with possession and encumbering with the said plots on the basis of the impugned sale deeds. However, the applicants are entitled to simple interest @ 4% per annum on the amounts deposited prior to 5June, 1998 with the respondent company on production of sufficient evidence to the Official Liquidator of payments made to the respondent company.