Some effort was made to sell the land to begin with but later directions were obtained from the Court to advertise sale of land in newspapers.
The Special Leave Petition is disposed of.
In response to publication some offers came, the highest of which was at Rs.
In this situation the applicant society asked this Court to give direction to the Receiver to accept the pay Orders and in the alternative to receive pay Orders itself for proper appropriation.
Interim Application No.
However, it was further alleged that he companyld be companytacted on phone a day or two later and he showed his willingness to accept the pay Orders, if valid and timely obtained on a later date.
5 lakhs within one month from 6 10 1989 it was open to the holding companypany to sell the land to the highest offerer at the rate of Rs.
This Order of the High Court was the subject matter of challenge before this Court in Special Leave Petition Civil No.
15731 of 1989 are the aftermath of an Order dated 19th March, 1990 passed by a two Judge Bench of this Court disposing of the Special Leave Petition.
5 of 1990.
2.5 lakhs per acre for the land proposed to be sold.
2 lakhs per acre.
2 lakhs per acre, and he was willing at this juncture to buy the land at the rate of Rs.
The applicant in interim application No.
To facilitate the sale of land and to ensure that the sale companysideration was paid over to the Company in liquidation the Kerala High Court appointed a retired Judge of the Madras High Court, Justice K. S. Venkatraman as receiver of the Company in liquidation.
That Order reads as follows There will be numberOrder on this petition except that the respondents will pay the balance sum due to be paid, which they have undertaken to pay, by 31 3 1990 and the sale thereafter will take place subject to the land acquisition proceedings.
5 lakhs within time and the remaining balance number being paid within time the sum of Rs.
On the other hand Interim Application No.
52 lakhs.
It transpires that about 72 thousand creditors and odd have been paid off already.
These companytentions six applications being I.A. Nos.
To allay the fears of the petitioner companypany the High Court put the society to terms in the sense that in the event of failure to pay Rs.
3.5 lakhs per acre thereby enhancing the price by about Rs.21 lakhs.Sudershan Trading Company Ltd. the petitioner in the Special Leave petition was the Holding Company of the companypany in liquidation.
To facilitate payment thereof, the petitinercompany obtained permission from a Division Bench of the Kerala High Court on 11 6 1987 to sell its 20.79 acres of land, together with Coconut trees standing thereon, the land being situated on the outskirts of Madras city.
3 of 1990 was filed after 31 3 1990 by the Society on 4 4 1990 claiming that the Society had tendered a sum of Rs.
5 was moved on 8th August, 1990 in this Court by the highest offerer of Rs.
The Order came to be passed in these circumstances Sudershan Chits India Ltd. is a Company in liquidation before the Kerala High Court.
2 lakhs before the Kerala High Court asserting that as he was already interested in the deal inasmuch as on the failure of the society to companyplete its deal it was left open to the petitioner Company to sell the land to him at the price of Rs.
Some of the creditors formed an association and got companystituted itself a registered society under the Societies Registration Act.
The Court also worked out the total price to be about Rs.
5 lakhs Was directed to be forfeited land the said amount too to be credited in reduction of its liability to the companypany in liquidation.
4 of 1990 in this Court on 26th March, 1990 asking for modification of the Order dated 19th March, 1990 companytending that it would be appropriate in the circumstances narrated therein to extricate the companypany from the direction of the High Court of Kerala in selling the land to the Society, as otherwise it was hopeful of paying off the creditors without sale of land but if driven to the wall the land was saleable at a higher price.
It is a matter of detail that on 6 4 1990 itself the Receiver received those 50 pay Orders as ostensibly those 50 pay Orders were either of 31 3 1990 or of earlier dates.
The holding companypany was required to discharge its liability of Rs.
this society got itself impleaded in the liquidation proceedings before the Kerala High Court making an offer that it was willing to pay Rs.
5 lakhs within one month from 6 10 1989 and the balance within nine months thereafter.
On the other hand in the event of payment of Rs.
The High companyrt also granted permission for sale of land in separate plots.
Before the expiry of the date 31 3 1990, the petitioner company moved an Interim Application No.
3 of 1990 is the All India Subscribers Association of Sudershan Chits India Limited.
46,97,500/ by means of 50 pay Orders at the residence of the Receiver Justice K.S. Venkatraman but since he was number present there personally, actual delivery of pay Orders companyld number be made to him on that date.
A Division Bench of the Keraja High Court on 6 10 1989 companysidered the offer of the society and finding this offer to be the highest directed the petitioner Sudershan Trading Company to sell the same to the society subject to the society paying Rs.
It appears that there were more than one lakh creditors of the companypany in liquidation.
15731 of 1989 which as said before was disposed of by the Order quoted.
Such highest offer was made by the applicant in interim application No.
8.09 crores to the companypany in liquidation.
3 8 of 1990 in Special Leave Petition No.
2 lakhs per acre.
