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Judgment
IA-1510 & 3962/ND/2021:
Both the applications are filed by auction purchaser seeking directions against HSIIDC to transfer the property, purchased by the auction purchaser successfully, from the Liquidator. Mr. Nagesh, Learned Senior Counsel for Applicant states that non-applicant HSIIDC has issued a letter on 03.09.2021 and admitted that the provisional transfer letter can be issued subject to fulfilling the standard conditions as mentioned in the said letter at serial No. 1 to 10. It is further stated that in the last para there is a mention about the outstanding dues of Rs. 5,54,40,819/- which was directed to be paid, hence the issuance of provisional letter is conditional and clear title is not being given to the present Applicant in spite of being successful purchaser.
Learned Counsel for HSIIDC states that in order to safeguard its rights the said observation is mentioned for any legal remedy with respect to the said dues. The HSIIDC has preferred an appeal which is pending before the Hon'ble NCLAT, no stay is granted admittedly. Today Learned Counsel for HSIIDC makes a statement that in case if Clause 1 to 10 of the letter dated 03.09.2021 issued by HSIIDC, to liquidator with CC to present Applicant are complied then Regular Letter Allotment will be issued without any further conditions. Learned Counsel for HSIIDC further requests that their undertaking should be recorded subject to the outcome of appeal which is pending before Hon'ble NCLAT. It goes without saying that the appeal order will be binding on all parties. Let HSIIDC issue RLA to present application within 3 days of compliances of Clauses 1 to 10 of the letter dated 03.09.2021.
With these directions both the applications stands disposed of.