We have gifted a land (Charitable purpose) to a Cooperative society for constructing a godown 25 years ago by way of a regd deed. The gift was a conditional one. The society has become defunct after first 5 years. As such the gift stands revoked (Applying TP Act Sec 31 and 126).
The society has got a liability of about Rs2 lacs , that time. Now it may be around Rs 5 lacs with penal interest etc, this was given by a coop bank for constructing the godown.
There is a liquidator appointed for winding up this society now. As the gift stands cancelled (Automatic cancellation by 31 & 126 of Act) we want to gift this property to a different society, again for a charitable purpose. We will pay off the liabilities of first society, if any.
Do we need to execute a cancellation deed and register it first, or can we straight away execute gift deed to the new society?
What are the problems that may surface in doing this?