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OLR/120/2009 3/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 120 of 2009
In
COMPANY
APPLICATION No. 480 of 2008
In
COMPANY
PETITION No. 214 of 1998
=========================================================
O
L OF M/S HAMCO MINING AND SMELTING LTD (IN LIQUIDATION) -
Applicant(s)
Versus
CANARA
BANK & 16 - Respondent(s)
=========================================================
Appearance
:
OFFICIAL
LIQUIDATOR for
Applicant(s) : 1,MS AMEE YAJNIK for Applicant(s) : 1,
NOTICE
SERVED for Respondent(s) : 1,3 - 7,11 - 16.
NOTICE UNSERVED for
Respondent(s) : 2, 8,
MR SANDEEP N BHATT for Respondent(s) : 9,
MS
PJ DAVAWALA for Respondent(s) : 10,
- for Respondent(s) : 0.0.0
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 23/07/2010
ORAL ORDER
The Official Liquidator
has filed this report seeking permission of this Court to relieve
the security agency engaged by the Official Liquidator from all the
units of the Company immediately and the Banks and financial
institutions who claim to be secured creditors of the Company may be
directed to deploy any security agency from their panel for
preservation and protection of the assets of the Company under the
supervision of the Official Liquidator. The Official Liquidator has
also prayed for the direction to deposit with the Official
Liquidator funds in equal proportion towards the expenses already
incurred by the Official Liquidator on security arrangement. The
Official Liquidator has further prayed for the direction to the
Banks and financial institution to furnish to the Official
Liquidator the title documents of the land of the Company so as to
enable the sale committee to put on sale the assets of the Company.
This Court has issued
notice on 22.9.2009. Notice was duly served on respondent Nos.1, 3,
7, 11 and 16, still nobody appears on behalf of these respondents.
Mr.Sandeep Bhatt, learned advocate appears on behalf of respondent
No.9 i.e. G.S.F.C. and Ms.P.J.Davawala, learned advocate appears on
behalf of SICOM Ltd. No one is present when the matter is called
out. Notice remains unserved so far as respondent Nos.2 and 8 are
concerned. The respondent No.2 is Federal Bank Ltd., Mumbai and
respondent No.8 is Dena Bank, Mumbai. The respondent No.17 is
M/s.Nariman Point Chemicals Industries Ltd., who has separately
filed Company Application No.140 of 2010 and Mr.Sureshkumar Ravi,
learned advocate appears on behalf of the said respondent. More
than 10 months have passed and still the respondents who are secured
creditors have not taken any step to respond to the notice issued by
the Court. They have also not furnished any title to the property
over which they are claiming their charge. In this view of the
matter, the Court directs the Official Liquidator to intimate all
these secured creditors by writing a separate letter intimating them
that the matter is fixed by the Court on 10.8.2010 and further
making it clear in the said letter that whatever documents they are
having they should furnish immediately to the Official Liquidator
and making their submission before the Court, failing which their
claim would not be entertained. Despite this letter if no one
appears on behalf of the respondent secured creditors, the Court
would take very adverse view in the matter and if necessary, summons
will be issued on them securing the presence of managerial persons
before the Court.
Ms.Amee Yajnik, learned
advocate appearing for the Official Liquidator has submitted that
though there are various properties, the Official Liquidator is not
a position to go on with the sale of these properties in absence of
any support from the secured creditors. The properties are
deteriorating day-by-day and
hence it is in the interest of all that the properties are put for
sale. The Official Liquidator is, therefore, directed to proceed
with the sale of the properties by inviting offers through public
advertisement and also after obtaining the valuation report, if not
obtained. The Official Liquidator is permitted to initiate the sale
proceeding in respect of the properties which are situated in
Gujarat and Dadranagar Haveli as indicated by him in his report
dated 17.6.2010. The Official Liquidator is further permitted to
incur expenses from the common funds maintained by him, if there is
no balance in the Company’s Account.
S.O. to
10.8.2010.
(K. A. PUJ,
J.)
kks
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