Gujarat High Court Case Information System
Print
COMA/185/2010 5/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 185 of 2010
===================================
GUJARAT
STATE FINANCIAL CORPORATION - Applicant
Versus
MANDVI
SPINNING MILLS LTD (IN LIQUIDATION) & 1 - Respondents
===================================
Appearance
:
MR
HS MUNSHAW for Applicant.
MR MRUGESH JANI FOR OFFICIAL
LIQUIDATOR.
None for Respondent No. 2.
===================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 14/07/2010
ORAL ORDER
The
applicant, namely, Gujarat State Financial Corporation, has taken
out this Judge’s Summons praying for the direction to the Official
Liquidator to constitute Sale Committee and to work as a convener of
Sale Committee for the purpose of taking necessary action for sale
of free hold plot of the land bearing Revenue Survey No.368 (Paiki)
of Village Moshakha, Tal. Mandvi, Dist. Kutch along with factory
building and superstructure of the respondent Company in
liquidation, which are charged with the applicant.
An
affidavit is filed by Mr. V. N. Raval, Manager (Law) of the
applicant Corporation. Mr. H. S. Munshaw, learned advocate
appearing for the applicant has submitted that the applicant
Corporation has sanctioned a loan of Rs.23,75,000/- to the
respondent Company on 29.03.1974 and additional loan of
Rs.4,65,219/- on 30.09.1978. Thus, the applicant Corporation has
disbursed in aggregate a sum of Rs.28,38,919/- to the Company in
liquidation. Since the Company failed to repay the amount, the
applicant Corporation has taken action under Section 29 of the State
Financial Corporation Act, 1951 and the possession of the
undertaking was taken by the Corporation. Thereafter, winding up
petition was filed against the Company and the winding up order was
passed by this Court on 21.01.1985. It appears that in the past, an
attempt was made to sell the property of the Company in liquidation.
However, no fruitful result was achieved. Even in 1997, one more
attempt was made for sale of the property. However, no progress was
made. The applicant Corporation on its own made an attempt for sale
of the properties through auction by way of publishing advertisement
on 20.11.2006 and one offer made by Mr. Bhupendrasinh Rathod for an
amount of Rs.3.21 Crores was accepted by the applicant Corporation.
That was also not materialized. Then the applicant Corporation has
obtained the Valuation Report from GITCO valuing the property at
Rs.9,69,45,000/-. The said Valuation Report is attached along with
this application. The applicant Corporation has now moved the
present application seeking direction to the Official Liquidator to
constitute the Sale Committee and take appropriate action for sale
of the property.
A
copy of this report is given to the Official Liquidator. Mr.
Mrugesh Jani, learned advocate appearing for the Official Liquidator
has submitted that after constituting the Committee, necessary steps
would be taken by the Sale Committee for sale of the property in
question.
The
applicant Corporation has joined Dena Bank as a party who is also a
Secured Creditor. Hence, the Official Liquidator is appointed as
convener of the Sale Committee and GSFC as well as Dena Bank are the
members of the Sale Committee. The Official Liquidator is directed
to examine and find out as to whether any other Creditor is there.
If it is so, necessary intimation be given to the said Creditor. The
Sale Committee meeting should be called for immediately and on the
basis of the Valuation report, the upset price should be fixed and
necessary public advertisement be issued in two newspapers, one in
Gujarati and other one in English daily calling for the offers from
the intending purchasers. After receipt of the offers, necessary
auction be held amongst the bidders and report for confirmation
should be filed before this Court.
Since
the matter is very old, prompt actions should be taken in the
matter. The Official Liquidator is further directed to examine as
to whether any other assets of the Company is there and whether the
statement of affairs is filed by the Ex-Directors of the Company or
whether any action is taken for non-filing of such statements.
Necessary report should be filed separately indicating the present
state of affairs of the Company in liquidation.
With
this direction, this application is accordingly disposed off.
Sd/-
[K. A. PUJ, J.]
Savariya
Top