Transfer fee for land transfer cannot be demanded if NCLT exempts the same under IBC

SPS Steels Rolling Mills Limited and Ors. Vs Asansol Durgapur Development Authority and Anr. (Calcutta High Court) Learned Single Judge by the impugned order has reached to the conclusion that the transfer fee was exempted under the resolution plan sanctioned by the National Company Law Tribunal and has found that the demand of the respondent No. 1 for transfer fee was unsustainable and the receipt of payment of such unsustainable demand was vitiated. Accordingly, learned Single Judge directed the respondent No.1 to refund the sum received as transfer fee within six weeks. The order of the lea...