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I. P. MUKERJI, BISWAROOP CHOWDHURY
Efcalon Tie Up Pvt. Ltd. – Appellant
Versus
West Bengal Financial Corporation – Respondent
| Table of Content |
|---|
| 1. background of property ownership and loans (Para 1 , 2 , 3 , 4) |
| 2. claims based on mortgage and sale implications (Para 5 , 6 , 9 , 10) |
| 3. recovery proceedings and financial outcomes (Para 11 , 12 , 13 , 15) |
| 4. debate over the memorandum's legal status (Para 18 , 19 , 20) |
| 5. impact of stamp duty on the memorandum (Para 28 , 29 , 30 , 31 , 32) |
| 6. final interpretation of the memorandum's implications (Para 46 , 51) |
| 7. final judgment and directives for implementation (Para 54 , 56 , 57) |
JUDGMENT :
(I.P. Mukerji, J.)
One Gauranga Sundar Das and Sunil Kumar Das owned 5 bighas, 5 chittacks and 25 sq. ft. of immovable property. It was premises No. 2, Biren Roy Road (West), Behala, Kolkata. On 10th July, 1978 they conveyed a part of it comprising 2 bighas, 18 cottahs, 15 chittacks to Das Reprographics Ltd. (front portion). They retained the other part (rear portion). The Das brothers were at one time directors of this company.
2. On examination of the records of the proceedings before the Debts Recovery Tribunal and the Memorandum of Understanding, referred to later, it appears that this company had taken loans and advances of substantial amounts from United Bank of India and W
The obligation to pay stamp duty lies with the party relying on the instrument, and the court's review power is limited to evident errors, not merits.
The main legal point established is the admissibility of unstamped documents and the entitlement to decree and specific performance under the Transfer of Property Act, Indian Stamp Act, and Registrat....
Agreement to sell – If instead of separate instruments, distinct matters are made subject matter of one instrument, liability to pay duty would be still found within four walls of Section 5 of Stamp ....
Suit for Specific Performance – Liability to pay stamp duty – Stamp duty is on instrument and not on transaction – It is immaterial, whether possession of property has been handed over at the time of....
The assignment of debt under the SARFAESI Act is valid even if the document is inadequately stamped, as registered documents are presumed adequately stamped.
The Assignment Deed was deemed valid despite the Appellant's objections, confirming the debt and default necessary for admitting the Financial Creditor's Section 7 application.
Stamp duty is on instrument and not on transaction – For several documents to form part of a single transaction, there must be a transaction in furtherance of which several other documents are execut....
In Court-ordered sales, stamp duty applies only to the sale consideration, not to market value, as established by the Transfer of Property Act.
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