IN THE HIGH COURT OF JUDICATURE AT PATNA
COM PET No.14 of 2002
In the matter of M/s. Pyrites,Phosphates & Chemical Ltd
(In Liquidation)
-----------
123. 21.7.2011 I.A.No.4286 of 2011 at Flag ‘128’
The interlocutory application has been filed by M/s.
JVL Agro Industries Limited making an offer of Rupees
Four Crores to purchase the Schedule-1 lands of the
Company under liquidation situated at Harrawala,
Dehradun, measuring about 7.61 acres, which had been
advertised on 17.8.2010. In the sale notice the realizable
value of Schedule-1 lands approximately was shown as
Rs.13.20 crores.
Learned counsels for the State Bank of India and for
the O.L. submit that in view of the aforesaid valuation the
offer made is too low.
In the above circumstances, it does not appear that
the offer of Rs.4 crores can be at all acceptable. The offer
of the applicant is rejected.
However, it would be open to the applicant to come
up with a reasonable offer.
I.A.No.4286 of 2011 is, accordingly, disposed of.
Learned counsel for the State Bank submits that he
intends to take steps for revaluation of the properties which
2
have not yet been sold. The Bank is permitted to make the
revaluation but as expeditiously as possible.
(Ramesh Kumar Datta,J.)
Spal/