SALE AGREEMENT NO SALE DEED COMPANY WOUND UP
suguma
(Querist) 29 September 2010
This query is : Resolved
The first sale transaction is by the owner Mr. RAMASWANY, confirmed by M/s. Irvin developers as developer selling the property SITE NO. 9005 in a GRAMAPANCHAYAT in favour of M/s. ABC INDUSTRIES LTD., on 27/04/1997.
Second sale by M/S ABC INDUSTRIES LTD TO GOVINDAPPa.
Third sale by Sri.Govindappa to SRI.Narayana munshi on 20.08.2009.
M/s.ABC INDUSTRIES Limited appointed Sri GOVINDAPPA as G.P.A holder in respect of the site property No.9005 . Further, M/S ABC industries has entered into an agreement of sale with Sri GOVINDAPPA for selling the aforesaid site property on 20/11/1999. copy of the Board Resolution extract for sale of the property of the company IS NOT AVAILABLE TO NEW BUYER. NO Board resolution is avaialble for appointing an individual, who is not concerned with the company as GPA holder for selling the immovable property.
M/S ABC INDUSTRIES LITD HAS BEEN WOUND UP BY KARNATAKA HIGH COURT ON 12.7.2004
The Sale Agreement of 20/11/1999 loses its validity after three years. M/s. ABC INDUSTRIES LTD., has stated that they would not terminate this agreement, as the entire consideration is received by them. Whether the SALE agreement is unenforceable after three years???.
In the sale agreement, the company has stated that they are offering to sell the property to meet company commitments and legal necessities. This should have been reflected in the board resolution, which is not available.
If we consider that Sri GOVINDAPPA continues to be the GPA holder of the company, (subject to board resolution), the sale deed is executed in the year 2009. The sale deed does not state that Sri GOVINDAPPA is selling the property in the capacity of GPA holder of M/s. ABC INDUSTRIES LTD., In the Sale Deed, the recitals state that Sri GOVINDAPPA has derived title by way of Sale Agreement dated 20/11/1999. Whether Sale Agreements would confer title on the agreement holder.? OR WHETHER A A specific sale deed should have been registered in favour OF GOVINDAPPA by the company.
(How this can be rectified now??? Especially when the company has been wound up)
The sale made by Sri GOVINDAPPA is in his individual capacity, wherein he is claiming the ownership. Whether, Sri GOVINDAPPA has derived any title, in the absence of registered sale deed in his favour BY m/s ABC INDUSTRIES LTD., . whether the sale made by Sri GOVINDAPPA to SRI. NARAYANA MUNSHI is in order.
I SEEK YOUR CONSIDERED OPINION AS TO WHETHER I SUGUMA CAN BUY THIS PROPERTY FROM SRI. NARAYANA MUNSHI and whether Sri.Narayana Munshi is having clear marketable title.???.
WHAT STEPS TO BE TAKEN BY GOVINDAPPA OR NARAYANA MUNSHI TO RECTIFY THE DEFECTS IN THE DOCUMENTS REFERRED ABOVE.??? OR DO YOU THINK THE PROPERTY BELONGS TO OFFICIAL LIQUIDATOR OF THE WOUND UP COMPANY M/S ABC INDUSTRIES LTD., and narayana munshiCannot sell and in that event what course of action has against MR. GOVINDAPPA???
suguma
(Querist) 29 September 2010
KINDLY SOLVE THIS ISSUE
R.Ramachandran
(Expert) 29 September 2010
Dear Suguma,
You yourself have very clearly brought out the doubtful character of the validity of the GPA in the hands of Mr. Govindappa, especially in view of the fact still he is operating under GPA when the company itself stands wound up, and that the subsequent sale had been effected in the year 2009 when the company was liquidated in the year 2004.
Apart from the legality or otherwise and the possible outcome in the event of litigation etc., it would be advisable to avoid purchasing the property.
ESTHERPRIYA
(Expert) 05 October 2010
My advice is that after going through the entire documents alone, the title can be verified regarding the purchase of property. In case you need any further clarification, please feel free to contact me at padmapriyalaw@gmail.com
