JUDGMENT

Jayant Nath, J. - CA No. 547/2011

1. This application is filed by the applicant-M/s. Tirupati Cylinders Ltd. seeking the following reliefs:-

"a) issue appropriate direction or order to the effect to set aside or not to accept the recommendation made by the learned Mr. G.P. Thareja - the Presiding Officer of the One Man Committee constituted by this Hon''ble Court in its XIIIth Report dated 05.02.2007 in regard with the claim made by the present applicant in CA No. 1171 of 2003 in Company Petition No. 265 of 1998 in the interest of justice;

b) grant permission to the applicant company to complete the process of registration/execution of the Sale Deeds of the land mentioned in the Annexure A-2 in terms & conditions as mentioned in the said agreements annexed with the Annexure A-3 (colly) by modifying/clarifying the said order dated 03.02.2002 passed by this Hon''ble Court in the present case and also issue appropriate further direction to the appropriate authority not to put any restriction in the process of registration/execution of sale deeds of the properties as mentioned in Annexure A-2; or

c) refer this case to the newly constituted J.P. Aggarwal Committee to examine the claim of the applicant company by providing all necessary documents, particularly Exhibit No. 1 to Exhibit No. 17 [as referred by the then Thareja Committee] to the applicant company; "

2. The case of the applicant-M/s. Tirupati Cylinders Ltd. is that the applicant purchased certain lands in question from the companies of the JVG Group through Sh. V.K. Sharma who was the authorised signatory. The applicant claims to have purchased these lands from JVG Hotels Ltd., JVG Housing Finance Ltd., JVG Foods Ltd., JVG Farm Fresh Ltd. and JVG Steels India Ltd. These lands are located in District and Tehsil Gurgaon, Haryana and located at Village Sindhrawali or Village Bhorakhurd. Full details of the description of the lands and the consideration paid are spelt out in Annexure A-2 of the application. All the seller companies belong to the JVG Group of Companies which comprise of large number of such companies. It is claimed that a number of these companies have gone into liquidation but at the time of purchase of the land, the companies noted above were not under liquidation.

All these purchases were made during the period from May 2002 to July 2002. The entire consideration for the alleged purchase of the lands has been paid in cash allegedly to Mr. V.K. Sharma, the ex.-director of the JVG Group of Companies. Power of attorney and agreement to sell were executed and duly registered with the appropriate authorities during the aforesaid period itself. Registered irrevocable general power of attorneys were executed in favour of the Director of the applicant Company, namely, Sh. Dinesh Goyal. It was also agreed in the registered agreement to sell that the applicant Company can register sale deeds in its own name or in favour of any of its nominee or any other person or firm, etc. It is claimed that the physical possession of the property is also with the applicant Company.

3. On 03.09.2002, this court directed that prior to affecting any sale, alienation, transfer or creation of any third party interest in any assets of the JVG Group of Companies, permission of this court should be obtained.

4. It is the contention of the applicant that the properties in question were purchased from May 2002 to July 2002. All the documents were duly registered with the appropriate authorities. The entire sale consideration had been duly paid and the applicant had taken possession of the land concerned. Hence, it is stated that there is no violation of the interim order dated 03.09.2002 passed by this court. The said order, it is pleaded, does not apply to further sale, alienation and transfer by the applicant. It is further pleaded that in terms of the agreement to sell, it was compulsory for the purchaser company, namely, the applicant to execute the sale deeds with regard to th