TMI Blog2015 (2) TMI 1356X X X X Extracts X X X X X X X X Extracts X X X X ..... f the first part dealing with formal transfers - The said clause 3 applies to involuntary transfers including amalgamation, demergers etc. under the direction of the appropriate Court. In the present case, the said plot was put to auction and the petitioner has voluntarily opted to participate in bid. Therefore, clause 3 will not apply to the said transfer. The case of the petitioner will not fall in the category of formal transfers. Circular dated 12th December, 2011 - HELD THAT:- It is true that the said circular is issued by way of clarification to the circular dated 12th May, 1998. However, the said circular clearly records that the same will apply only to the applications for transfer received after 12th August, 2011 - In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te agreement on 25th March, 1992 under which lease was transferred to M/s.Fluid Air (I) Pvt. Ltd. 3. M/s.Fluid Air (I) Pvt. Ltd. had taken loan from the third respondent Bank of Baroda and as a security of payment of loan, the said plot was mortgage by M/s.Fluid Air with the third respondent. 4. As M/s.Fluid Air committed default, the third respondent made an application before the Debt Recovery Tribunal (for short DRT ). A recovery certificate was issued by the DRT. The said plot was put to auction in execution of the said recovery certificate. The petitioner's bid was accepted and on 13th April, 2010, the sale was confirmed. After the sale certificate was issued and registered on 4th December, 2010, the petitioner was placed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, only the standard transfer charges will be payable by the petitioner Without prejudice to the said contentions, he submitted that even if circular dated 12th May, 1998, is applicable, the transfer in favour of the petitioner is an involuntary transfer under the orders of the Recovery Officer in execution of the recovery certificate issued by the DRT. Therefore, only transfer charges will be payable. Lastly, he relied upon the order dated 27th September, 2012 (Exhibit-ZC to the petition). He reiterated that in a similar case, the transfer has been permitted only subject to payment of standard transfer charges and without payment of differential premium. 7. Learned counsel appearing for the first respondent relied upon the policy reflec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... far as the category of non-formal transfers is concerned, the relevant clause reads thus : Non-Formal Transfers Any other transfer which do not cover under the formal transfers referred to above will be treated as a NON FORMAL transfer and the same will be permitted subject to the recovery of the differential premium as mentioned below :- 1. Where the Licensee/Lessee has constructed or consumed at-least 10% of the permissible FSI of the plot area, such transfer will be permitted on recovery of the 10% of the differential premium. 2. Where the condition at (1) above is not fulfilled i.e. has not constructed at least 10% of the permissible FSI of the plot area such transfer will be permitted on recovery of the 30% of the diff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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