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Section 47-A held inapplicable to statutory and court-supervised auctions, ruling that sale certificates are transfers by operation of law—not conveyances—and cannot be reopened for undervaluation by registering authorities.
The National Company Law Tribunal has issued an order streamlining proceedings by empowering Single Judicial Member Benches to hear defined classes of matters across all benches.
The Court also held that the auction purchaser was not entitled to either ownership or leasehold rights in respect of the plot and could not claim to be a lessee as the lease in terms of the lease agreement entered into by the DDA was never executed.
Securities Appellate Tribunal (SAT): Justice Tarun Agarwal quashed the order under challenge in the present appeal as Adjudicating Officer has no power