We have an agricultural property having several partners eligible for variable shares under a partnership company. The company was moved for dissolution and winding up before high court of Karnataka in a company petition (COP) 47/88. There is an injuction not to alienate the property. Case could not be completed even after 24 years and evidence not started. So, partners are becoming old. Petitioner holds 42% share and another partner holds 4% share. The rest 54% share is held by 7 individuals including the mother, brother and sisters. Due to old age and long period, we decided to sell our 54% rights to a prospective purchaser, who has agreed to buy at a discounted price. We, 54% holders agreed to sell our rights by registration and pass on the management to the prospective buyer by us (as we are currently managing) with terms and conditions to account for the income and divide the share of the 46% holders of the petitioner and another person as per the court order for which the prospective buyer wants to implead. This is a last resort because the petitioner is not cooperating for compromise or to end the case even in court by delay tactics.
In this circumstances, will the sale of our individual rights (undivided share) without alienating the property to a prospective buyer amount to contempt of court or any other offence?
