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2005 (9) TMI 41 - BOMBAY HIGH COURTThis petition is directed against the order passed by the appropriate authority under section 269UD(1). By the said order, the appropriate authority has held that the apparent consideration in respect of the property agreed to be sold by the petitioners to respondent No. 5 was less than the market value by 15 per cent, or more and accordingly ordered preemptive purchase of the said flat. - In the present case, even if it is accepted that the order passed under section 269UD(1) is proper, in view of the failure on the part of the appropriate authority to tender the apparent consideration within the period set out in section 269UG of the Act, it has to be held that the order passed under section 269UD(1) of the Act stood abrogated and the property has revested in the petitioners. Thus, viewed from any angle, the impugned order passed under section 269UD(1) cannot be sustained.
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