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OLR/49/2010 1/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 49 of 2010
In
COMPANY
PETITION No. 29 of 1997
=========================================
O
L OF M/S MOTOROL (INDIA) LIMITED ( IN LIQN.) - Applicant(s)
Versus
BANK
OF BARODA & 8 - Respondent(s)
=========================================
Appearance
:
MR JS YADAV
for Applicant No : 1
MR
BHARAT JANI for Respondent No : 1
NOTICE SERVED BY DS for
Respondent Nos : 2 - 4, 6, 9
MR RAJESH P MANKAD for Respondent No
: 5
MRS SANGEETA N PAHWA for Respondent Nos : 7 -
8
=========================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 03/09/2010
ORAL
ORDER
The
Official Liquidator has filed this report making following prayers:
(A)
This Hon’ble Court may be pleased to confirm the sale of Lot No.A-3
i.e. Composite Offer for Lot No. A-1 and A-2 situated at Padra
Jambusar Road, Village Gametha, Tal. Padra, Dist. Vadodara in
favour of M/s. Avani Petrochem Pvt. Ltd. for Rs. 3,11,11,111/- on
the terms and conditions of sale as specified in the tender form at
Annexure- E or on such other and further terms and conditions as may
be decided by this Hon’ble High Court.
(B)
This Hon’ble Court may be pleased to confirm the sale of Lot No.
B-III i.e. Composite Offer for Lot No. B-I and B-II situated at
Motorol House , R.C. Dutt Road, Alkapuri, Vadodara in favour of
M/s. G.M. Corporation for Rs.5,61,11,400/- on the terms and
conditions of sale as specified in the tender form at Annexure-E or
on such other and further terms and conditions as may be decided by
this Hon’ble High Court.
(C)
This Hon’ble Court may be pleased to confirm the sale of Lot No.C
i.e. Wind Mills (excluding Land) situated at Meravadar, Rajkot in
favour of M/s. Vinayak Enterprise for Rs.7,51,0000/- on the terms
and conditions of sale as specified in the tender form at Annexure-E
or on such other and further terms and conditions as may be decided
by this Hon’ble High Court.
(D)
To ratify the action taken by the Official Liquidator in making
payment of advertisement bill of M/s. Navnital & Company,
Advertising Agency of Rs.60,734/- towards advertisement charges out
of the sale proceeds of the assets of the company.
This
Court has passed several orders from time to time. So far as prayer
(B) is concerned, it is already dealt with by the Court earlier
pursuant to the orders passed by this Court on 14.05.2010 and
29.07.2010 in Company Application No.128 of 2010 with O.L.R. No.49
of 2010. So far as prayer (A) is concerned the highest offer is
made by M/s. Avani Petrochem Pvt. Ltd. for Rs. 3,11,11,111/-.
However, the said offer does not seem to the Court to be an adequate
offer and hence the Court has directed the Official Liquidator to
issue letters to all the bidders of the Company intimating them to
remain present before this Court on 31st August, 2010 and
submit their offers directly to this Court along with EMD equal to
10% of the market value. The Official Liquidator has accordingly
intimated to all the bidders but no one has remained present.
On
behalf of the highest bidder Mr. Navin K. Pahwa, learned advocate
has appeared and he has instruction from his client to raise the bid
amount to Rs.3.25 crores.
The
Court does not think fit that the sale price is adequate and hence
the sale is not confirmed in favour of the highest bidder. The Court
directs the Official Liquidator to issue fresh advertisements in two
news papers namely Indian Express , English daily and Divya
Bhaskar , Gujarati daily, both in Baroda Edition,
indicating the upset price of Rs.3.25 crores and EMD at 10% of the
said upset price. The auction would take place in the Court on 1st
October, 2010. The offers are to be invited in the sealed
covers and all these sealed covers must be produced before the Court
with the report of the Official Liquidator. The EMD of the second
highest bidder should be refunded to the second highest bidder
forthwith.
So
far as prayer (C) in respect of Lot No. C, is concerned i.e. Wind
Mills (excluding Land) situated at Meravadar, Rajkot is confirmed in
favour of M/s. Vinayak Enterprise for Rs.7,51,000/- (not
Rs.7,51,0000 as wrongly mentioned in the prayer) on the terms and
conditions of sale as specified in the tender document. On receipt
of the entire sale consideration the Official Liquidator will hand
over the possession of the Wind Mills to the auction purchaser
forthwith.
So
far as prayer (D) is concerned, the Official Liquidator is permitted
to make the payment of the advertisement bill of Rs. 60,734/-
towards advertisement charges to M/s. Navnitlal & Company, out
of the sale proceeds of the Company (in liquidation).
With
this direction and observation this Official Liquidator Report is
accordingly disposed of.
(K.A.
PUJ, J.)
Pankaj
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