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COMA/246/2011 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 246 of 2011
In
COMPANY
PETITION No. 67 of 1995
=========================================================
BANK
OF BARODA - Applicant(s)
Versus
OFFICIAL
LIQUIDATOR OF M/S KHODIYAR POTTERY WORKS LTD IN LIQ & 6 -
Respondent(s)
=========================================================
Appearance
:
MR
BHARAT JANI for
Applicant(s) : 1,
OFFICIAL LIQUIDATOR for Respondent(s) : 1,
MR
JS YADAV for Respondent(s) : 1,
NOTICE SERVED for Respondent(s) :
2, 5,
NOTICE UNSERVED for Respondent(s) : 3,
MR RD RAVAL for
Respondent(s) : 4,
GOVERNMENT PLEADER for Respondent(s) : 6 -
7.
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.M.THAKER
Date
: 15/07/2011
ORAL
ORDER
1. Present
Judge’s Summons, which is registered as Company Application No.246 of
2011, has been taken out by one of the secured creditors i.e. Bank of
Baroda of the company i.e. M/s. Khodiyar Pottery Works Limited (in
liquidation).
2. Heard
Mr. Jani, learned advocate for the applicant- Bank of Baroda and Mr.
Yadav, learned advocate for the Official Liquidator.
3. The
Judge’s Summons has been taken out on the strength of order dated
12th August, 2009 passed by the Court in O.L.R. No.144 of
2007. It is claimed that despite the directions vide said order dated
12th August, 2009, to take steps for sale of immovable
properties, any action or substantial steps, much less any concrete
action, has not been taken by the office of the Official Liquidator
until now. Therefore, directions for issuance of advertisement etc.
have been prayed for by the applicant.
4. On
the other hand, Mr. Yadav, learned advocate for the Official
Liquidator has stated that one of the secured creditors- State Bank
of India has already appointed the valuer who is in the process of
valuing the property. However, according to his recent communication,
as certain details so as to finalize the valuation report are yet
required, the valuation report has not been submitted to the office
of the Official Liquidator. He also submitted that the office of the
Official Liquidator is in regular and diligent follow up action with
the valuer and according to the responses from the valuer the office
of the Official Liquidator has been assured that within a period of
two weeks final report will be submitted.
5. It
is obvious that only after the valuation report is received, the
Office of Official Liquidator can determine tentative upset price and
submit it for the approval of the Court.
6. On
perusal of the order dated 12th August, 2009, it becomes
clear that specific directions have been issued by the Court as to
the steps which the office of the Official Liquidator should take in
directions towards the issuance of advertisement for sale of assets
of the company in liquidation. There is no purpose in repeating the
very same directions. However, the applicant has, by present
application, prayed that this Court should repeat the very same
directions. The Court is not inclined to do so for the simple reason
that the order dated 12th August, 2009 is in operation and
shall serve the purpose of guidance and instructions to the Official
Liquidator to take necessary steps towards the sale of the assets of
the company in liquidation. It is made clear that the Official
Liquidator shall have to comply each of the directions mentioned in
the order dated 12th August, 2009.
7. Now,
when the Official Liquidator has clearly stipulated that report of
the valuer is almost at the stage of finalization and would be
received by Official Liquidator within a period of 10 to 15 days, it
is directed that;
a)
Office of Official Liquidator will ensure that requisite steps by
way of follow up action with regard to valuation are taken to ensure
that submission of report is not delayed beyond two weeks;
b) After
the report is received, all steps as required including the action
mentioned in the Court’s order dated 12th August, 2009
shall be taken immediately without unnecessary delay; and
c)
Official Liquidator shall file appropriate report seeking direction
upon mentioning suggested upset price, for sale at available assets
of the company in liquidation;
d)
The Official Liquidator, in the meantime i.e. by the time report of
the valuer is received, shall take all necessary and preliminary
steps so that further time in preparing the report for seeking
appropriate directions as to the upset price and issuance of
advertisement is not delayed;
e) It
is expected that entire exercise will be completed by Official
Liquidator within three weeks immediately after the receipt of the
report of valuer.
8. With
the aforesaid clarification and direction, present application is
disposed of. Notice is discharged.
[K.
M. THAKER, J.]
Amit
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