Supreme Court · 2014 INSC 185 · Decided 12 March 2014
Phatu Rochiram Mulchandani v. Karnataka Industrial Area Development Board & ORS.
- Court
- Supreme Court of India
- Citation
- 2014 INSC 185 · [2014] 3 S.C.R. 710
- Case number
- CIVIL APPEAL No. 3803/2014
- Decided
- 12 March 2014
- Bench
- S.S. NIJJAR, A.K. SIKRI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 537, 536
Headnote
KARNATAKA INDUSTRIAL AREA DEVELOPMENT C ACT, 1966: Lease-cum-sale agreement - Allotment of plots to company for setting up factory/industry - Industry not set up - Company in liquidation - Agreement terminated by Board - 0 Held: Right to purchase the plots m question after the period could accrue in favour of the Company only on fulfilling the covenants stipulated in clause 2(P) - On Company's failure to do so, Lease Agreement gave right to the Board to determine lease and resume the land - It is, thus, in the nature of Lease-cum-Sale Agreement, which started E with
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