Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2013 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 281 - HC - Companies LawCompany in liquidation - Condonation of delay - Subletting - Being inheritors of the original lessors - the official liquidator attempted to sell/dispose of the lease hold rights - Held that:- It is clear to us that the contracts in question i.e. the Registered Permanent Lease Deeds dated 23.03.1918 and 03.11.1927 permit and allow the lessee to assign and transfer their rights Acquisition of the lease hold rights in question by the company under liquidation was for value and consideration paid to the earlier lessee - The official liquidator is entitled to encash the capital asset and sell the lease hold rights for payment of dues to the creditors/contributories - The lease hold rights have market value is apparent and established from the fact that auction was held and bids were received - To restitute or return the land in question to the appellants will result in dissipation of an asset of considerable value, to the detriment/loss of the creditors/contributories. Normally an auction purchaser would acquire the lease hold rights with the stipulation or covenants in the perpetual lease. This would not affect the rights of the lessor under the lease deed, subject of course to statutory protection, if any, to the new lessee/purchaser - We do not find any reason to issue notice on the application for condonation of delay - The application for condonation of delay and the appeal are dismissed.
|