S.J. Vazifdar, J. - (1.) The petitioner seeks an order directing the respondents to refund an amount of Rs. 5,84,08,365/ - paid as interest together with interest at the same rate as claimed by the respondents. In the alternative, the petitioner seeks an order directing the respondents to claim/charge interest only at the rate of 10% per annum and to refund the balance amount with interest at the rate determined by the Court.
(2.) The status of the petitioner is important in understanding the exemption orders in its favour which we will refer to later. On 23.06.1976 the Company Law Board in exercise of powers conferred under Sec. 408 of the Companies Act, 1956 appointed the Directors for a period of three years to effectively safeguard the interests of the petitioner and the public interest. Respondent No. 2 is the Director, Town & Country Planning, Haryana; respondent No. 3 is the Haryana Urban Development Authority (HUDA); respondent No. 4 is the Green Fields Plot Holders Association and respondent No. 5 is the Lt. Col. Kulwant Singh Mangat.
(3.) In the year 1960 -61, the petitioner purchased about 440 acres of land in Gurgaon and obtained 'No Objection Certificate' from the District Board, Gurgaon to develop the same as a colony. The petitioner contends that at that time there was no legislation for regulation and development of residential colonies and therefore, the petitioner started developing the colony and selling plots on receipt of the 'No Objection Certificate'. There was no provision requiring the developers or colonizers to pay the external development charges.;