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2020 (2) TMI 1529 - HC - Companies LawDemand of differential premium - Execution of lease agreement with the petitioners in respect of subject property - formal/non-formal transfer - whether the Respondents were justified in demanding the payment of 30% Differential Premium when they had decided to transfer the subject property in favour of Petitioner No.1? - HELD THAT:- It is clear that the Corporation was aware that the subject property was transferred from M/s. Lanvin Textile Mills to Petitioner No.2 as Promoter of the Proposed Private Limited Company. In this transfer, the Differential Premium, as demanded, was already paid to the satisfaction of the Corporation. The Respondents had agreed to transfer the subject property in favour of Petitioner No.2 describing him as Promoter of Proposed Private Limited. As per their directions, Petitioner No.1 Company was formed. Therefore, transferring the plot from the Proposer of a Private Limited Company i.e. from Petitioner No.2 to the incorporated Private Limited Company i.e. Petitioner No.1, would definitely fall within the category of ‘formal transfer’ - The circular dated 12.5.1998 does not mention that the formal transfer can be only between the original allottee and the transferee. The transfer from Petitioner No.2 to Petitioner No.1 was in the nature of ‘formal transfer’ and hence as per their own circular dated 12.5.1998, the Respondents are not entitled to demand and recover 30% of the Differential Premium. The said amount, arrived at by making adjustment towards the payment already made, amounted to ₹ 27,69,400/- is deposited by the Petitioners in this Court. Therefore, they are entitled to withdraw the same with accrued interest if any. The Petitioners are permitted to withdraw the amount of ₹ 27,69,400/- deposited in this Court with accrued interest if any - Petition disposed off.
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