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2012 (11) TMI 452 - KARNATAKA HIGH COURTWinding up – purchase of property - Subsequently the applicant-company had experienced financial difficulties and, as such, winding up petition was filed - scheme of arrangement - One of the terms in the scheme being that the said land allotted by the KIADB be transferred to the applicant-company the applicant is before this Court since the KIADB has not executed the sale deed in that regard – Held that:- Company is deemed to have continued in possession of the property once the scheme was approved by this Court, which would span a period of nearly four decades. Hence, the mere contention that the lease-cum-sale agreement was not executed cannot be accepted at this stage, since the period, which has lapsed is much beyond the period that would have been indicated as lease period in a normal course if the agreement had been executed - KIADB is directed to receive the sum of Rs. 3,07,651 from the applicant-company execute and register the sale deed in favour of the applicant-company in respect of the application schedule property
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