Posted On by &filed under High Court, Jharkhand High Court.


Jharkhand High Court
B.I.F.R. vs M/S Ravi Hi-Tech Ltd. on 18 March, 2011
             IN THE HIGH COURT OF JHARKHAND AT RANCHI
                                  C.P. No. 3 of 2003
                                          ---
       M/s Ravi Hi-tech Limited                                        Petitioner
                                        Versus
        B.I.F.R. & others                                            Respondents
                                      ---
       CORAM:      The Hon'ble Mr. Justice R.K. Merathia
                                      ---
       For the Official Liquidator: Mr. B. Mishra (in person)
       For the B.S.F.C.:            Mr. A.K. Yadav, Advocate
       For Allahabad Bank:          Mr. R.R. Nath, Advocate
                                         ---
56.18.03.2011

I.A. No. 853/2011
Mr. Yadav, learned counsel appearing for the B.S.F.C.,
submitted that as per the Circular of B.S.F.C., reserve price was to be
fixed as per the valuation report. In this case, the valuation was
between Rs. 95.00 lakhs to Rs. 1.00 crore and therefore, the reserve
price fixed at Rs. 70.00 lakhs may be enhanced to Rs. 1.00 crore. He
further submitted that corrigendum in this regard can be issued.

2. On this, the Official Liquidator submitted that the
corrigendum may not serve the purpose.

3. On this, Mr. Yadav and Mr. Nath submitted that they are
prepared for issuance of a fresh notice in supercession of earlier notice
at their cost.

4. On 4.2.2011 at the insistence of B.S.F.C and Allahabad
Bank, reserve price was fixed by this court. At that time, B.S.F.C. did
not say anything about the amount. Now this I.A. has been filed on
15.3.2011.

Under the circumstances, the B.S.F.C. and Allahabad Bank
are jointly directed to issue a notice cancelling the earlier notice by
22.3.2011. They will conduct the entire process of sale and then will
move this court for confirmation of sale.

The order dated 04.02.2011 is modified to this extent
only. I.A. is disposed of.

Let a copy of this order be given to the Official Liquidator.

(R.K. Merathia, J)
Ranjeet/


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