{"id":150931,"date":"2009-06-22T00:00:00","date_gmt":"2009-06-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/messrs-tvr-fund-vs-the-official-receiver-on-22-june-2009"},"modified":"2015-12-21T06:35:43","modified_gmt":"2015-12-21T01:05:43","slug":"messrs-tvr-fund-vs-the-official-receiver-on-22-june-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/messrs-tvr-fund-vs-the-official-receiver-on-22-june-2009","title":{"rendered":"Messrs Tvr Fund vs The Official Receiver on 22 June, 2009"},"content":{"rendered":"
Kerala High Court<\/div>\n
Messrs Tvr Fund vs The Official Receiver on 22 June, 2009<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nMFA.No. 212 of 2006()\n\n\n1. MESSRS TVR FUND,\n                      ...  Petitioner\n2. T.VELAYUDHAN ACHARI, CHEKKALAVILAKATHU\n3. RAJAGOPALAN ACHARI,\n\n                        Vs\n\n\n\n1. THE OFFICIAL RECEIVER,\n                       ...       Respondent\n\n2. SHRI.CHANDRASEKHARA PILLAI,\n\n3. SHRI.G.D.PILLAI, REMA NIVAS,\n\n4. SMT.J.HYMAVATHY THANKACHI,\n\n5. SMT.R.G.SHEELA, W\/O.SHRI GOPINATHAN,\n\n6. SMT.B.JAGADAMMA THANKACHY,\n\n7. SHRI.R.UNNIKRISHNAN,\n\n8. SHRI.V.O.PRATAPACHANDRAN NAIR,\n\n9. SMT.J.KANAKAMMA, GOPA NIVAS,\n\n10. SHRI.P.PARAMESWARAN PILLAI,\n\n                For Petitioner  :SRI.P.RAMESAN (KANIAPURAM)\n\n                For Respondent  :SRI.EASOW MATHEW\n\nThe Hon'ble MR. Justice K.M.JOSEPH\nThe Hon'ble MR. Justice M.L.JOSEPH FRANCIS\n\n Dated :22\/06\/2009\n\n O R D E R\n                                                                   'C.R. '\n\n         K.M. JOSEPH & M.L. JOSEPH FRANCIS, JJ.\n\n             ````````````````````````````````````````````````````\n        M.F.A.(Insolvency Act) Nos. 212 and 213 of 2006\n             ````````````````````````````````````````````````````\n               Dated this the 22nd day of June, 2009\n\n                           J U D G M E N T\n<\/pre>\n
Joseph, J.\n<\/p>\n
            These appeals are connected and therefore disposed of<\/p>\n
by this common judgment. The appellants in both the appeals are the<\/p>\n
same. In MFA.No.212\/06, the appellants impugn the order of the Ist<\/p>\n
Additional District Judge, Thiruvananthapuram by which he allowed<\/p>\n
the application to execute the sale deed filed by the 1st respondent in<\/p>\n
favour of the auction purchaser. In the other MFA, by the order<\/p>\n
impugned, the Ist Additional District Judge, Thiruvananthapuram has<\/p>\n
rejected the application filed by the appellants to set aside the sale<\/p>\n
executed by respondent Receiver in favour of the auction purchaser.<\/p>\n
      2.    It is by a common order that the orders were passed in<\/p>\n
the I.As. as aforesaid.     By order in I.A.No.2135\/03, the court had<\/p>\n
permitted the Official Receiver to dispose of 32 cents of property<\/p>\n
comprising Survey Nos.1998, 2000 and 2014 of Thycaud village. The<\/p>\n
Receiver conducted the sale of the property in favour of the 2nd<\/p>\n
MFA.212 & 213\/06
\n                                   : 2 :<\/span><\/p>\n
respondent in the appeals on 10.4.2006 in a sum of Rs.32,15,000\/-.<\/p>\n
It is thereupon that the appellants filed IA.1497\/06 to set aside the<\/p>\n
sale alleging irregularities. This application has been rejected as<\/p>\n
already noticed. The court also granted permission to the Official<\/p>\n
Receiver to execute the sale deed in favour of the 2nd respondent<\/p>\n
auction purchaser.\n<\/p>\n
       3.   We heard learned counsel for the appellants and learned<\/p>\n
counsel appearing on behalf of the 1st and 2nd respondents.<\/p>\n
       4.   Learned counsel for the appellants would submit that a<\/p>\n
notice of sale was given on 30.3.2006 and the sale was held on<\/p>\n
10.4.2006 and this conduct of the 1st respondent has occasioned a<\/p>\n
breach of Order 21 Rule 68 C.P.C. The provision reads as follows:<\/p>\n
            ” Time of sale – Save in the case of property of<\/p>\n
            the kind described in the proviso to Rule 43, no<\/p>\n
            sale hereunder shall, without the consent in<\/p>\n
            writing of the judgment-debtor, take place until<\/p>\n
            after the expiration of at least fifteen days in the<\/p>\n
            case of immovable property, and of at least<\/p>\n
            seven days in the case of movable property,<\/p>\n
            calculated from the date on which the copy of the<\/p>\n
            proclamation has been affixed on the Court-<\/p>\n
            house of the Judge ordering the sale.”<\/p><\/blockquote>\n
       According to the learned counsel for the appellants, the gap of<\/p>\n
MFA.212 & 213\/06
\n                                    : 3 :<\/span><\/p>\n
15 days as mandated by the Rule has been observed in its breach<\/p>\n
and therefore clearly the court below ought to have allowed the<\/p>\n
application to set aside the sale and refused the application seeking<\/p>\n
permission to execute the sale deed.             Learned counsel for the<\/p>\n
appellants points out that under section 5 of the Insolvency Act, the<\/p>\n
court has the same powers and has to follow the same procedure it<\/p>\n
has and follows in the exercise of original civil jurisdiction.      The<\/p>\n
appellants in this regard rely on section 5 of the Insolvency Act,<\/p>\n
which reads as follows:\n<\/p>\n
                    ” 5. General powers of Courts –\n<\/p><\/blockquote>\n
                    (1)   Subject to the provisions of this
\n             Act, the Court, in regard to proceedings under
\n             this Act, shall have the same powers and shall
\n             follow the same procedure as it has and follows
\n             in the exercise of original civil jurisdiction.<\/p>\n<\/blockquote>\n
                    (2)   Subject as aforesaid, the High
\n             Court and the District Courts, in regard to
\n             proceedings    under     this    Act     in  Courts
\n             subordinate to them, shall have the same powers
\n             and shall follow the same procedure as they
\n             respectively have and follow in regard to civil
\n             suits.”<\/p><\/blockquote>\n
       5.   Learned counsel for the first respondent would contend<\/p>\n
that the application filed for setting aside the sale itself is barred by<\/p>\n
limitation. She points out that the application is maintainable under<\/p>\n
MFA.212 & 213\/06
\n                                  : 4 :<\/span><\/p>\n
section 72 of the Insolvency Act. It reads as follows:<\/p>\n
                   “72. Appeal to Court against Receiver –<\/p>\n
            If the insolvent or any of the creditors or any<\/p>\n
            other person is aggrieved by any act or decision<\/p>\n
            of the receiver, he may apply to the Court, and<\/p>\n
            the Court may confirm, reverse or modify the act<\/p>\n
            or decision complained of, and make such order<\/p>\n
            as it thinks just:\n<\/p><\/blockquote>\n
                   Provided that no application under this<\/p>\n
            section shall be entertained after the expiration<\/p>\n
            of twenty-one days from the date of the act or<\/p>\n
            decision complained of.”<\/p><\/blockquote>\n
       According to her, the sale was held on 10.4.2006. The<\/p>\n
application was filed only on 30.5.2006. Though the vacation may<\/p>\n
have intervened the application should have been filed, according to<\/p>\n
her, on the re-opening day to render it within time. Learned counsel<\/p>\n
appearing on behalf of the 2nd respondent would contend that Order<\/p>\n
21 is not as such applicable to the sale conducted by the Receiver.<\/p>\n
      6.    As far as the second question, namely whether the sale<\/p>\n
conducted by the Receiver on 10.4.2006 is in contravention of Order<\/p>\n
21 Rule 68, is concerned, it is clear that if Order 21 Rule 68 is<\/p>\n
applicable, there is violation of Order 21 Rule 68. But, the question<\/p>\n
is as to whether Order 21 Rule 68 is applicable to sale by a Receiver<\/p>\n
MFA.212 & 213\/06
\n                                    : 5 :<\/span><\/p>\n
acting under the Insolvency Act. The Receiver under the Act cannot<\/p>\n
equated with the court. Order 21 Rule 68 speaks about the sale held<\/p>\n
by the court. In this connection, we may advert to certain decisions.<\/p>\n
In Cheda Lal Vs. Lachman Parshad and others [AIR 1917<\/p>\n
Allahabad page 74], the Division Bench of the Allahabad High Court<\/p>\n
had occasion to take the view that the sale by the Receiver is an act<\/p>\n
of the Receiver and not a proceeding. That was a case where the<\/p>\n
highest bidder of the auction of the property sold by the Receiver<\/p>\n
failed to deposit 1\/4th of the purchase money and property has been<\/p>\n
sold on loss. The court proceeded to hold as follows:<\/p>\n
                   ” I think that the powers conferred upon a<\/p>\n
            Court and the duties imposed upon a Court by<\/p>\n
            O.21, Civil P.C., have o do with the execution of<\/p>\n
            Civil Court decree, the foundation of which is a<\/p>\n
            decree for sale or an attachment duly effected in<\/p>\n
            accordance with the provisions of the Order<\/p>\n
            itself. The position of the Receiver is that of a<\/p>\n
            man in whom certain property has become<\/p>\n
            vested.     It has no doubt vested in him as a<\/p>\n
            trustee for other persons; but for all that he is in<\/p>\n
            law the owner of the property. He has authority<\/p>\n
            under the Provincial Insolvency Act, S.20, to sell<\/p>\n
            the same, and his power of sale cannot be<\/p>\n
            limited by the provisions of O.21, Civil P.C., as it<\/p>\n
            would have to be if the contention for the<\/p>\n
MFA.212 & 213\/06
\n                                  : 6 :<\/span><\/p>\n
           respondents now before us were correct.<\/p>\n
           Except that the Receiver is bound to act under<\/p>\n
           the directions given him by the Court and that<\/p>\n
           any person aggrieved by any act or decision of<\/p>\n
           the Receiver has a right of appeal to the Court<\/p>\n
           under S.22, Provincial Insolvency Act, the<\/p>\n
           position of the Receiver is simple that of a<\/p>\n
           private person owning certain property who is<\/p>\n
           under the necessity to covert the same into<\/p>\n
           cash as readily as possible.\n<\/p><\/blockquote>\n
                  I think the consequences which would<\/p>\n
           follow from fettering the Receiver by all the<\/p>\n
           details of procedure which O.21, Act V of 1908<\/p>\n
           provides for execution of Civil Court decrees<\/p>\n
           would be undesirable, and that there is nothing<\/p>\n
           in S.47, Provincial Insolvency Act, which<\/p>\n
           compels us to take such a view.”<\/p><\/blockquote>\n
      On the same lines is the judgment of a learned Single Judge of<\/p>\n
the Nagpur High Court reported in Kesheo Krishnaji Vs. Baliram<\/p>\n
Bakaramji and another [AIR (38) 1951 Nagpur 388] and therein<\/p>\n
also the court took the following view, inter alia:<\/p>\n
                   ” The sale by the receiver is not a court-<\/p>\n
            sale but a private sale. There is no provision<\/p>\n
            requiring a receiver to conduct such a sale in<\/p>\n
            accordance with the provisions of O.21 CPC.”<\/p><\/blockquote>\n
      7.   No doubt, learned counsel for the appellants referred us<\/p>\n
MFA.212 & 213\/06
\n                                     : 7 :<\/span><\/p>\n
the decision of the apex court reported in P.Srinivasa Naicker Vs.<\/p>\n
Engammal [AIR 1962 SC 1141]. Therein, the court was dealing with<\/p>\n
a case under the Provincial Insolvency Act, 1920 and the court was<\/p>\n
dealing with the sale by a Receiver and the power of the court to set<\/p>\n
aside such sale. The apex court held as follows, inter alia :-<\/p>\n
                  ” 8.    It may be accepted that the power of<\/p>\n
           the court under S.68 is not hedged in by those<\/p>\n
           considerations which apply in cases of auction sales<\/p>\n
           in execution proceedings. Even so, the power under<\/p>\n
           S.68 is a judicial power and must be exercised on<\/p>\n
           well recognised principles, justifying interference<\/p>\n
           with an act of the receiver which he is empowered to<\/p>\n
           do under S.59(a) of the Act. The fact that the act of<\/p>\n
           the receiver in selling properties under S.59(a) is<\/p>\n
           subject to the control of the court under S.68 does<\/p>\n
           not mean that the court can arbitrarily set aside a<\/p>\n
           sale decided upon by the official receiver. It is true<\/p>\n
           that the court has to look in insolvency proceedings<\/p>\n
           to the interest in the first place of the general body<\/p>\n
           of creditors; in the second place to the interest of the<\/p>\n
           insolvent, and lastly, where a sale has been decided<\/p>\n
           upon by the official receiver to the interest of the<\/p>\n
           intending purchaser in that order. Even so, the<\/p>\n
           decision of the official receiver in favour of a sale<\/p>\n
           should not be set aside unless there are good<\/p>\n
           grounds for interfering with the discretion exercised<\/p>\n
           by the official receiver. These grounds may be wider<\/p>\n
           than the grounds envisaged in auction sales in<\/p>\n
MFA.212 & 213\/06
\n                                     : 8 :<\/span><\/p>\n
           execution proceedings. Even so, there must be<\/p>\n
           judicial grounds on which the court will act in setting<\/p>\n
           aside the sale decided upon by the official receiver.<\/p>\n
           These grounds may be, for example, that there was<\/p>\n
           fraud or collusion between the receiver and the<\/p>\n
           insolvent or the intending purchaser; the court may<\/p>\n
           also interfere if it is of opinion that there were<\/p>\n
           irregularities in the conduct of the sale which might<\/p>\n
           have affected the price fetched at the sale; again,<\/p>\n
           even though there may be no collusion, fraud or<\/p>\n
           irregularity, the price fetched may still be so low as<\/p>\n
           to justify the court to hold that the property should<\/p>\n
           not be sold at that price. These grounds and similar<\/p>\n
           other     grounds     depending     upon      particular<\/p>\n
           circumstances of each case may justify a court in<\/p>\n
           interfering with the act of the official receiver in the<\/p>\n
           case of a sale by him under S.59(a) of the Act.”<\/p><\/blockquote>\n
      8.   In our view, the decision of the apex court would not<\/p>\n
appear to advance the case of the appellants that when a<\/p>\n
Receiver sells property acting under the Act, it is bound to comply<\/p>\n
with the mandate of Order 21 Rule 68. No doubt, in the decision<\/p>\n
of a learned single Judge in Balaji and others Vs. Gopal Mali<\/p>\n
[AIR 1927 Nagpur 262], the court took the view that the provisions<\/p>\n
of Order 21 are applicable to insolvency proceedings.                  The<\/p>\n
question was as to the period of limitation applicable to a petition<\/p>\n
to set aside a sale under the Insolvency Act.                 The sale was<\/p>\n
MFA.212 & 213\/06
\n                                : 9 :<\/span><\/p>\n
pending confirmation. The sale apparently was a court sale.<\/p>\n
      9.    The upshot of this discussion would lead us to the<\/p>\n
conclusion that the sale effected by the Receiver acting under the<\/p>\n
Insolvency Act and after seeking permission from the court to<\/p>\n
effect the sale cannot be set aside for the sole reason that there is<\/p>\n
a transgression of the mandate of Order 21 Rule 68. In this case,<\/p>\n
it has been pointed out to us that the sale was effected after<\/p>\n
issuing notice on 30.3.2006 which purported to give ten days<\/p>\n
notice. The sale was held after giving ten days notice. There<\/p>\n
were 14 bidders. It is also pointed out that the appellants were<\/p>\n
given individual notice. The creditors’ association was also given<\/p>\n
notice. The price fetched is Rs.32,15,000\/-. It is worthwhile to<\/p>\n
note as pointed out by the learned counsel for the respondent that<\/p>\n
this contention was not raised in the court below. In the light of<\/p>\n
the facts, the court below has correctly found that the sale is<\/p>\n
proper.\n<\/p>\n
      10.   No doubt, 1st respondent has not raised in the court<\/p>\n
below the plea of limitation, which is raised before us. But it is a<\/p>\n
question of law on the admitted facts. As already noticed, the<\/p>\n
application was filed after the period of 21 days against what is<\/p>\n
MFA.212 & 213\/06
\n                               : 10 :<\/span><\/p>\n
provided under section 72 of the Act and it was barred. On the<\/p>\n
whole, we feel that the appeals do not show any merit.<\/p>\n
Accordingly, the appeals fail and they are dismissed. We do not<\/p>\n
express any view as to whether there is power under section 5 of<\/p>\n
the Limitation Act for condoning the delay in filing the application<\/p>\n
under section 72.\n<\/p>\n<\/p>\n
                                                               Sd\/-\n<\/p>\n
                                            (K.M.JOSEPH, JUDGE)<\/p>\n
                                                               Sd\/-\n<\/p>\n
                               (M.L. JOSEPH FRANCIS, JUDGE)
\naks<\/p>\n
                          \/\/ True Copy \/\/<\/p>\n
                                  P.A. to Judge<\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court Messrs Tvr Fund vs The Official Receiver on 22 June, 2009 IN THE HIGH COURT OF KERALA AT ERNAKULAM MFA.No. 212 of 2006() 1. MESSRS TVR FUND, … Petitioner 2. T.VELAYUDHAN ACHARI, CHEKKALAVILAKATHU 3. RAJAGOPALAN ACHARI, Vs 1. THE OFFICIAL RECEIVER, … Respondent 2. SHRI.CHANDRASEKHARA PILLAI, 3. SHRI.G.D.PILLAI, REMA NIVAS, 4. SMT.J.HYMAVATHY […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-150931","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nMessrs Tvr Fund vs The Official Receiver on 22 June, 2009 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/messrs-tvr-fund-vs-the-official-receiver-on-22-june-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Messrs Tvr Fund vs The Official Receiver on 22 June, 2009 - 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