The case involves a dispute over stamp duty on a sale certificate issued following a court-ordered auction. Punjab United Forge Limited was ordered to be wound up, and the Industrial Finance Corporation of India (IFCI) was granted permission to sell the mortgaged properties. M/s Ferrous Alloy Forging Pvt. Limited, a sister concern of Respondent No.1, won the auction. Respondent No.1 applied for execution of the conveyance deed, which was initially declined. The High Court later allowed an appeal, leading to further disputes regarding stamp duty on the sale certificate.
Punjab United Forge Limited was ordered to be wound up by the High Court. The Industrial Finance Corporation of India (IFCI) was permitted to sell the company's mortgaged properties. M/s Ferrous Alloy Forging Pvt. Limited, a sister concern of Respondent No.1, won the auction. Respondent No.1 applied for execution of the conveyance deed, claiming full payment and common directors with its sister concern. The Company Judge of the High Court declined the request, but a Division Bench allowed an appeal on 1997-10-22. Respondent No.1 then applied for a sale certificate under Order XXI Rule 94 of the CPC. The Company Judge directed Respondent No.1 to pay stamp duty on the immovable properties. The Registrar directed payment of Rs. 2.25 crore as stamp duty. Respondent No.1
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The case involves a dispute over stamp duty on a sale certificate issued following a court-ordered auction. Punjab United Forge Limited was ordered to be wound up, and the Industrial Finance Corporation of India (IFCI) was granted permission to sell the mortgaged properties. M/s Ferrous Alloy Forging Pvt. Limited, a sister concern of Respondent No.1, won the auction. Respondent No.1 applied for execution of the conveyance deed, which was initially declined. The High Court later allowed an appeal, leading to further disputes regarding stamp duty on the sale certificate.
Punjab United Forge Limited was ordered to be wound up by the High Court. The Industrial Finance Corporation of India (IFCI) was permitted to sell the company's mortgaged properties. M/s Ferrous Alloy Forging Pvt. Limited, a sister concern of Respondent No.1, won the auction. Respondent No.1 applied for execution of the conveyance deed, claiming full payment and common directors with its sister concern. The Company Judge of the High Court declined the request, but a Division Bench allowed an appeal on 1997-10-22. Respondent No.1 then applied for a sale certificate under Order XXI Rule 94 of the CPC. The Company Judge directed Respondent No.1 to pay stamp duty on the immovable properties. The Registrar directed payment of Rs. 2.25 crore as stamp duty. Respondent No.1
…The High Court of Punjab and Haryana passed a…
A Division Bench of the…
Sign in to view related legal provisions.