Case Summary : Duncans Industries Ltd. v. State of U.P. (2000) 1 SCC 633 | Property Law
Bench: N.S. Hegde, B.N. Kirpal Facts of the case: 1. ICI India Ltd. executed an agreement of sale wherein it agreed to transfer on an “as is where is” basis and “as a going concern” its fertilizer business of manufacturing, marketing, distribution and sale of urea fertilizer in favour of Chand Chhap Fertilizer and Chemicals Ltd. (“CCFCL”), also a company incorporated under the Companies Act, 1956 which company has since been renamed as M/s Duncans Industries Limited, Fertilizer Division, Kanpur Nagar (the appellant herein) for a total sale consideration of Rs 70 crores which was termed as “slump price” in the agreement. 2. Pursuant to the said agreement, a deed of conveyance was executed by the said ICI in favour of CCFCL, on the presentation of the said Conveyance Deed for registration. 3. The Sub- Registrar made a reference to the Collector under Section 47-A(2) of the Stamp Act, 1899 (hereinafter refe...