JUDGMENT :

R.D. Dhanuka, J.

1. By this Company Application, the applicant seeks an order and direction against the respondent no. 2 i.e. the Regional Officer, MIDC to transfer the immovable property being Plot No. B-16, MIDC, Taloja, Panvel Dist. Raigad admeasuring 4050 sq. meters in the name of the applicant being the purchaser of the said property and payment on standard transfer charges and also seeks an order and direction to extend the time for building completion by two years from the date of transfer of the said plot in the name of the applicant and for other reliefs. Some of the relevant facts for the purpose of deciding this Company Application are as under:-

2. On 28th January, 1978 under a Partnership Deed, the firm namely M/s. Transpower Corporation was constituted. On 7th March, 1980 vide an agreement executed between MIDC and the said M/s. Transpower Corporation, the said Plot bearing No. B-16 situated within Taloja Industrial Area of MIDC, Taluka Panvel, Raigad District (hereinafter referred to as "the said plot") was allotted to M/s. Transpower Corporation on the terms and conditions set out therein. On 7th March, 1980, the MIDC handed over the possession of the said p