- (1.) THIS is an application taken out by 3 individuals Viz: Sri Nasayam mohammed Feroz, S/o Mohd. Farook, Sri Pasapoina Nageswara Rao, S/o China Venkata swamy and Sri Arimandla Veera Reddy, S/o Rami Reddy, seeking directions for releasing the property bearing D. No. 12-25-12, Ganeshwar Rao Street (Sivalyam street), Kothapet, Guntur from the custody/possession of the Official Liquidator attached to this court.
(2.) M/s. Vijetha Agro Farms India Limited is a company incorporated under the provisions of the Indian Companies Act having its registered office at Vijetha complex, Sivalayam street, Kothapet, Guntur. One of the principal objectives for which the company came to be established was to develop agro farms and agro based industries and products. It has mobilized funds by way of collection of deposits for the purpose of developing agro farms at various places. The company also acquired an open plot admeasuring 813 sq. yards through four different sale deeds bearing Nos. 7848/1996, 7967/1996, 7546/1996 and 7561/1996 for valuable consideration. On the said open plot of land, a multi-storied building has been constructed where the registered office of the company is located. It bears Municipal Door No. 12-25-12, Sivalyam Street, at Kothapet locality of Guntur city.
(3.) ACCORDING to the applicants, since the company has become nearly insolvent and with a view to tide over its financial distress, through one of its Directors viz. , Sri D. R. K. Singh, sold the property comprising of 813 sq. yards of site together with the building standing thereon for a total consideration of Rs. 50 lakhs. According to the applicants, they paid a sum of rs. 49,75,000/- towards advance and part payment of sale consideration and the balance amount of Rs. 25,000/- was agreed to be received at the time of registration. It is their case that inspite of repeatedly informing the said director and the company about the readiness and willingness of the applicants to pay up the balance amount of Rs. 25,000/-, the receipt of the said balance amount of Rs. 25,000/- and the consequential execution of the sale deed are delayed on one pretext or the other. Vexed by the indifference exhibited by the company and its Director Sri D. R. K. Singh, the applicants appeared to have filed a civil suit OS No. 20 of 2005 on the file of the III Addl. District Judge at guntur seeking specific performance of the agreement of sale. Immediately, a compromise memo has been filed before the court and consequently the matter has been referred to the Lok Adalat which passed a decree on 28. 6. 2005 duly recording the compromise between the parties. In terms of the compromise decree, the balance amount of Rs. 25,000/- has been accepted and a regular sale deed has been executed on 14. 7. 2005. However, the Sub-Registrar, Guntur before whom the said sale deed has been presented for registration has kept the document pending for want of payment of the deficit stamp duty, as according to the Sub-Registrar, the market value of the property is far in excess of the sale consideration amount shown in the deed and hence the stamp duty and registration fee has to be computed and paid on the basis of the market value.;