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COMA/192/2010 3/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 192 of 2010
In
COMPANY
PETITION No. 18 of 1998
=========================================
KOTAK
MAHINDRA BANK LTD - Applicant(s)
Versus
OFFICIAL
LIQUIDATOR OF STANROSE STEEL LTD & 11 - Respondent(s)
=========================================
Appearance
:
MR NAVIN K
PAHWA for
Applicant No : 1
OFFICIAL LIQUIDATOR for Respondent No : 1
MR
JS YADAV for Respondent No : 1
MR. NIRANJAN A. KASNEKAR for MRS
MAUNA M BHATT for Respondent No : 2
MRHARSHITSTOLIA for Respondent
No : 3
MRPARTHSTOLIA for Respondent No : 3
MRPAMEHD for
Respondent Nos : 4 - 12
=========================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 27/08/2010
ORAL
ORDER
The
applicant Kotak Mahindra Bank Ltd. has taken out this Judge’s
Summons, seeking confirmation of sale of the assets of the Company
(in liquidation) as conducted by the Sale Committee appointed by
this Court, in favour of respondent no.3 i.e. Eva Group of Company
on such terms and conditions, as may be deemed appropriate by this
Court.
This
Court has issued notice on 23rd July, 2010. Further
order was passed on 30th July, 2010, whereby the
applicants of Company Application No.211 of 2010 were joined as
party respondents at their own costs. The Court passed further
ordered on 13th August, 2010, observing therein that the
valuation of the property in question was to the tune of
Rs.10,20,19,000/-, it was sold by the Sale committee after inviting
offers, at Rs.10,23,30,000/-. The Court was, therefore of the view
that since there was only one offerer and there was possibility of
having some higher offer, the Court is of the view that one more
attempt was required for fixing-up the upset price of the assets of
the Company (in liquidation) at Rs.10,23,30,000/- and accordingly
directions were issued to the Official Liquidator to undertake and
issue public advertisement in two newspapers, namely, Indian
Express – English daily and Saurashtra Samachar – Gujarati
daily, both Rajkot Editions.
Pursuant
to the said order, advertisements were issued inviting fresh offers
from the intending purchasers. The Official Liquidator has filed
his report today dated 26th August, 2010 wherein he has
stated that pursuant to the advertisement published in 17th
August, 2010, his office has received eight offers in sealed covers
on 26th August, 2010. The offers received by the eight
parties are as under:
Sr.
No.
Name
& address of the offerer
Amount
Offered (Rs.)
1.
M/s
Need Management Services Pvt. 10, Corporate House, Opp. Torrent
House Ashram Road, Ahmedabad.
10,23,30,000/-
2.
M/s
Electrotherm (India) Ltd. Survey No. 72, Village Palodia Via
Thaltej, Ahmedabad – 382115
10,25,00.000/-
3.
M/s
Sitson India Pvt. Ltd. W-76, M.I.D.C, Phase-II Dombivali (East),
Thane-421 204.
10,23,30,000/-
4.
M/s
Parshwa Trading Company C-24/3, Sakhpara Compound GIDC, Chitra,
Bhavanagar-364 004.
10,25,00,000/-
5.
M/s
Lucky Enterprise 4, Shanti Sadan Estate Opp.Dinbai Tower, Lal
Darwaja Ahmedabad-380 001
10,23,30,000/-
6.
M/s
B.R. Metal & Alloys (Guj) P. Ltd. F-4, New Madhavpura Market
Nr. Police Commissioner office Shahibaug, Ahmedabad-380 004.
10,23,30,000/-
7.
M/s
SAPL Buildcon Pvt. Ltd. 13, Bhimnath Society B/h Circuit House,
Shahibaug Ahmedabad-380 004,
10,23,30,000/-
8.
M/s
Afraji Vincom Pvt. Ltd. 23-B, Kalakar Street 1st
Floor, Kolkatta West Bengal.
10,23,30,000/-
All
these offers in sealed covers are placed before the Court and they
were opened in the Court. Thereafter inter-se bidding has started
amongst the bidders and ultimately the highest offer has made by the
Eva Group Pvt. Ltd. for Rs. 10.85 Crores. Incidentally this Eva
Group Pvt. Ltd. was the highest offerer even before the Sale
Committee. Since no other bidder has come forward and no other
bidder has shown its willingness to increase the offer, the sale of
the property in question is confirmed in favour of Eva Group Pvt.
Ltd. on the same terms and conditions as contained in the tender
document. Subject to the clarification that has been made by the
order passed by this Court in Company Application No.168/2010. Over
and above this, the auction purchaser is permitted to appoint one
nominee of his choice prior to the payment of 25% of
sale-consideration within one month from the date of confirmation of
sale.
The
Official Liquidator has stated in his report that advertisement
expenses are incurred by his office to the tune of Rs.15,868/-.
Therefore, secured creditor may be directed to reimburse these
expenses to the Official Liquidator. As and when further expenses
are incurred by the Official Liquidator for inviting the claims etc.
the amount will be reimbursed by the Secured Creditor and
appropriate decision be taken in the Sale Committee in this regard.
It
goes without saying that while executing the sale document, the
amounts shall be mentioned separately towards land and building on
the one hand and towards furnitures, fixtures, plant, machinery and
other movable items on the other hand.
The
Official Liquidator is further directed to file further report in
respect of the claims received by him pursuant to the advertisement
issued by him on the basis of the directions issued by this Court in
its order dated 12th July, 2010 passed in Company
Application No.168/2010.
With
these directions and observations this report is accordingly
disposed of.
(K.A.
PUJ, J.)
Pankaj
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