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OLR/111/2010 3/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 111 of 2010
In
COMPANY
APPLICATION No. 182 of 2010
In
COMPANY PETITION No. 223 of 1996
=========================================================
OFFICIAL
LIQUIDATOR OF M/S GOODEARTH ORGANICS(INDIA) LTD - Applicant(s)
Versus
ASSET
RECONSTRUCTION COMPANY (INDIA) LTD & 4 - Respondent(s)
=========================================================
Appearance
:
OFFICIAL
LIQUIDATOR for
Applicant(s) : 1,MR MRUGESH JANI for Applicant(s) : 1,
None for
Respondent(s) : 1 - 4.
MR HS MUNSHAW for Respondent(s) :
5,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 08/10/2010
ORAL ORDER
The Official Liquidator
has filed this report for consideration of the offer to purchase the
properties in question of the Company in liquidation. The Official
Liquidator has also prayed for permission to make the payment to the
advertisement agency.
The Official Liquidator
in his report has stated that pursuant to the advertisements
published in newspapers on 15.9.2010 he has received 18 offers in
sealed covers for Lot No.II i.e. Plant & Machineries and other
moveables. For Lot Nos.I and III no offer was received by the
Official Liquidator. He has further submitted in his report that
M/s.Pegasus Assets Reconstruction Pvt. Ltd., (attorney of ARCIL)
vide its letter dated 8.9.2010 submitted the latest valuation report
dated 6.9.2010 prepared by M/s. R. B.Shah, Valuer. The offers
received by the Official Liquidator in sealed covers are produced
before the Court and sealed cover was opened and, thereafter, inter
se bidding was started amongst the bidders for Lot No.II. The
highest offer received by the Official Liquidator for Lot No.II is
Rs.6,09,300/-. The inter-se bidding was started and ultimately had
reached upto Rs.7,10,000/- and hence the sale for Lot No.II of plant
and machineries and other moveables is confirmed in favour of
M/s.Dhruv Metal for Rs.7,10,000/-.
Considering the valuation
report of Shri Mukesh M. Shah dated 16.6.2010, it appears that many
items which were available on 29.10.2007 are not available on
15.6.2010. It is very unfortunate that during this period security
agency was very much there and still the items are stolen away. The
Official Liquidator is, therefore, directed to ask for explanation
from the concerned security agency and if no satisfactory
explanation is rendered by the security agency in that case no
further payment should be made to the concerned security agency.
At this stage,
Mr.N.K.Pahwa, learned advocate appearing for the secured creditors
has submitted that M/s.Pegasus Assets Reconstruction Pvt. Ltd.,
(attorney of ARCIL) has made certain efforts and also approached not
less than 34 Companies and response was received from them for
purchase of the land of the Company in liquidation. He is,
therefore, directed that proposal with regard to sale of Plot Nos.I
and III be granted some time during which M/s.Pegasus Assets
Reconstruction Pvt. Ltd., (attorney of ARCIL) would make endeavour
to bring any prospective buyer before the Court and, thereafter,
necessary steps would be taken by the Court for sale of the assets
of the Company in liquidation. The Official Liquidator is also
directed to pursue the matter with secured creditors for sale of
land and buildings of the Company in liquidation.
In the above view of the
matter, the sale of the Lot No.II as stated above is confirmed in
favour of M/s.Dhruv Metal for Rs.7,10,000/- on the terms and
conditions as indicated in the tender documents. The possession will
be handed over only after receipt of the entire sale consideration.
Out of the sale proceeds that may be received by the Official
Liquidator necessary payment to the advertising agency shall be
made, if no such amount is received from the secured creditors.
For further consideration
of the sale of Plot No.I the matter is adjourned to 22.10.2010.
(K.
A. PUJ, J.)
kks
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