PROVIDENT INVESTMENT COMPANY LTD Vs. M/S. DEVIDAYALA INDUSTRIES LIMITED
LAWS(BOM)-2017-6-46
HIGH COURT OF BOMBAY
Decided on June 23,2017

Provident Investment Company Ltd Appellant
VERSUS
M/S. Devidayala Industries Limited Respondents

JUDGEMENT

R.D.DHANUKA, J. - (1.) In Company Application (L) No.634 of 2016, the applicant seeks an order and directions against the Official Liquidator to handover quiet, vacant and peaceful possession of the open land admeasuring 3743.21 sq.mtrs. bearing Survey No.194/1 (Part), situated at Village Majiwade, Taluka and District Thane and also seeks payment of Rs.19,800/- together with interest @ 18% per annum at the rate of Rs.19,800/- from the date of filing of this application till realization.
(2.) The Official Liquidator has filed a report bearing no. 610 of 2015 inter alia praying for a direction for reduction of reserve price of Rs.22 crores fixed by this court in respect of the property of the company in liquidation specified as lot no.3 viz. the leasehold open land admeasuring to 3743.21 sq.mtrs. situated at Survey No.194/1, Village Majiwade, Thane (West), District Thane - 400 606 or in the alternate seeks appropriate directions in this regard. By consent of parties, company application as well as Official Liquidator's Report were heard together and are being disposed of by a common order.
(3.) Some of the relevant facts for the purpose of deciding these proceedings are as under :- It is the case of the applicant that by virtue of a lease agreement dated 1st July, 1968 for a period of 60 years, M/s.Devidayal Industries Limited (In liquidation) was granted lease in respect of the open land admeasuring 3743.21 sq.mtrs. bearing survey no.194/1 (Part) situated at Village Majiwada, Tal Salsette, Dist.Thane for a period of 60 years on payment of annual term and on the terms and conditions setout therein. As per the lease agreement, the lease period would expire on 1st July, 2028 i.e. approximately after 11 years. ;


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