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2009 (9) TMI 587 - HC - Companies LawCompensation at the rate of ₹ 2,50,000 per acre for land admeasuring acres 113.44 cents belonging to the company under liquidation which was acquired for a public purpose demanded by official liquidator Held that:- It would help in appropriately and rateably distributing the assets amongst the creditors of the company in winding up as well as observing the priority amongst them as spelt out under section 529A of the Companies Act properly and correctly also. Thus find merit in the contentions canvassed on behalf of the company under liquidation, therefore direct the first respondent to re-determine the amount of compensation payable for the land of an extent of acres 113.44 cents belonging to it which stood acquired in terms of the notifications published in the District Gazettes of Nellore under sub-section (1) of section 4 on May 6, 2006 and July 1, 2006, at the rate of ₹ 2,50,000 per acre. Direct the official liquidator to convey his unequivocal consent to accept and receive compensation for the lands belonging to the company under liquidation acquired by the State compulsorily at the rate of ₹ 2,50,000 per acre, within 30 days from today.
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