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Ifci Factors Ltd vs Koutons Retail India Ltd on 17 February, 2022

Author: Vibhu Bakhru

Bench: Vibhu Bakhru

                          $~1(Company)
                          *     IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +     CO.PET. 329/2011
                                IFCI FACTORS LTD                                     ..... Petitioner
                                                   Through

                                                   versus

                                KOUTONS RETAIL INDIA LTD                     ..... Respondent
                                            Through Mr Ajit Rajput, Advocate for the
                                            applicant in CA 376/2021.
                                            Ms Ruchi Sindhwani, Senior Standing
                                            Counsel for Official Liquidator.

                                CORAM:
                                HON'BLE MR. JUSTICE VIBHU BAKHRU
                                        ORDER

% 17.02.2022 [Hearing held through videoconferencing] CO. APPL. 376/2021

1. The applicant has filed the present application, inter alia, praying as under:-

a. Permit the Applicant to execute of two separate Sale Deed of the auctioned property located at Plot No. 539-539A, Sector-37, Udyog Vihar, Phase VI Gurgaon, Haryana, that is, 1.5 acre be executed and registered in the name of Eternal Udyog and other part of 1.5 acre be executed and registered in the name of Quick Eats P Ltd. and Transfer the Title for their respective portion in the aforesaid auctioned property in the interest of justice to meet the ends of justice Signature Not Verified Digitally Signed By:Dushyant Rawal Signing Date:19.02.2022 b. Direct the Official Liquidator to execute two separate Sale Deed and Transfer of Title of the aforesaid auctioned property for their respective portions as stated above in the interest of justice to meet the ends of justice.

2. It is pointed out that Quick Eats Private Limited was not one of the successful bidders for the said property. The Official Liquidator had auctioned the said property to three separate firms, namely, M/s Eternal Udyog, M/s Sterling Udyog, M/s Vibrant Enterprises, who had jointly offered a sum of ₹21,83,24,000/- for the said property. The Official Liquidator had accepted the aforesaid bid, which was approved by this Court.

3. In this view, the transaction for sale and purchase of the said property is required to be recorded in the joint names of the three successful bidders. There is no requirement to split the transaction into three parts. It would, of course, be open for the bidders to seek a sub-division at a later stage with the concerned authorities, if permissible.

4. The learned counsel appearing for the applicant submits that the HSIIDC is not willing to accept the sale of property in favour of three persons. Prima facie, this Court finds no ground for any such objection.

5. HSIIDC is directed to file an affidavit clearly indicating its objections for execution of the sale deed in favour of the successful bidders within a period of four weeks from today.

6. It is clarified that if no such objection is received, appropriate directions for execution of the sale deed in favour of the successful bidders and the consequential direction for recording the same in the records of Signature Not Verified Digitally Signed By:Dushyant Rawal Signing Date:19.02.2022 HSIIDC will be issued on the next date of hearing.

7. List on 20.04.2022.

8. The Official Liquidator shall communicate a copy of this order to the HSIIDC.

9. For the reasons stated in the application, the same is allowed.

10. This application also does not survive and is disposed of.

VIBHU BAKHRU, J FEBRUARY 17, 2022 pkv Click here to check corrigendum, if any Signature Not Verified Digitally Signed By:Dushyant Rawal Signing Date:19.02.2022