9911796707
Advanced Search 
TMI Blog2015 (2) TMI 1356X X X X Extracts X X X X X X X X Extracts X X X X ..... ation) at Dombivli (E) Taluka Kalyan, District Thane. The first respondent granted lease in respect of the said plot to M/s. Ramniklal Raoji and Co. Pvt. Ltd. on 7th December, 1973. There was a tri parte 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 certifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he applications for the transfer received after 12th August, 2011, the first respondent itself is relying upon the said circular. It is clear that if the said circular is made applicable, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer. In the present case, the transfer cannot be said to be an involuntary transfer. Therefore, the case of the petitioner will not fall in the category of formal transfers. As 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the policy reflected from the circular dated 12th May, 1998. Even assuming that in a similar case, such differential premium was not demanded, it will not create any right in favour of the petitioner as the first respondent is under an obligation to uniformly follow the binding policy. We must also note here that in the present case, the mortgage was created by the Lessee of the first respondent without the consent of the first respondent and in the case on which the petitioner is trying to rely upon, it appears that a consent was granted by the first respondent to enable the lessee to mortgage the plot in question. 12 Therefore, we find no error in the demand made by the first respondent for payment of 30% differential premium as a co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
