Jyotirmay Bhattacharya, J. - (1.) Initially the appellant, namely, The Kolkata Metropolitan Development Authority, agreed to sell and/or transfer the property-in-question, including the car parking spaces, as mentioned at pages 146 & 147 of the stay application to the respondent no. 1/writ petitioner, namely, Mfar Constructions Private Limited, at and for a consideration price agreed between the parties. Pursuant to such agreement, the entire consideration price for transfer of the property-inquestion was paid by the respondent no. 1/writ petitioner to the appellant herein.
(2.) However, the Kolkata Metropolitan Development Authority, the appellant no. 1, could not transfer the property-in-question in favour of the respondent no. 1/ writ petitioner as it was subsequently discovered by the said authority that it had no title in the property-in-question.
(3.) Having regard to the fact that the appellant acquired only lease-hold interest in the property-in-question by virtue of the indenture dated 21st June, 2000 executed by and between the Governor of West Bengal and Calcutta Metropolitan Development Authority, subsequently renamed as Kolkata Metropolitan Development Authority, the Kolkata Metropolitan Development Authority agreed to assign and/or sublet its lease-hold interest in favour of the respondent no. 1/writ petitioner for a period of 99 years with an option for renewal for a further period of 99 years by accepting the consideration price which was paid to the appellant authority as premium for grant of such lease to the respondent no.1/ writ petitioner and the said respondent agreeing to pay rent @ Re. 1/- per year during the term of the lease including the extended period.;