- (1.) The applicant is a statutory body under the Bihar Industrial Area Development Authority Act, 1974. This Act was adopted by the State of Jharkhand, after its formation.
(2.) On 16th May, 1986 the applicant granted a lease of 12 acres of land to M/s. Jamshedpur Cement Ltd. for a period of 99 years commencing from 16th May 1986. It is situated at M-20P, 6th Phase, Adityapur Industrial Area, District - Seraikella, Kharsawan in the State of Jharkhand. It was to be used for industrial purposes.
(3.) Now, this lease had some restrictive covenants which have become very important for the purposes of adjudication of the disputes in this application. The clauses are Clause 6(i) and Clause 6(v). They read as follows: 6(i) That the lessee will not assign, mortgage, underlet or part with the possession over the land or any right or interest therein or in respect thereto without the provisions (previous [sic]) consent of and also without due approval of any such deed by the lessor or his nominee:... (v) If at any time the said land or any part or parts thereof shall no longer be required by the lessee for the purposes for which it is leased out to him the lessee shall while selling or assigning the said land or such part or parts thereof as aforesaid first make an offer of the same to the State Government / Adityapur Industrial Area Development Authority....;