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OLR/83/2010 1/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 83 of 2010
In
COMPANY
APPLICATION No. 531 of 2008
In
COMPANY PETITION No. 252 of 1998
=========================================
OFFICIAL
LIQUIDATOR OF M/S GUJARAT POLYWEAVE LTD ( IN LIQN.) - Applicant(s)
Versus
CANARA
BANK & 3 - Respondent(s)
=========================================
Appearance :
MR
JS YADAV for the Applicant.
NOTICE NOT RECD BACK for Respondent(s)
: 1 - 2.
MR DS VASAVADA for Respondent no.3.
MR MB GANDHI and
MR CHINMAY M GANDHI for Respondent
no.4.
=========================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 08/10/2010
ORAL
ORDER
The
Official Liquidator has filed this report seeking certain directions
to ratify his action, for appointing security guards, to issue
directions to the secured creditors to deposit proportionate costs to
be incurred by the Official Liquidator for protection of the assets
of the company in liquidation and to fix up upset price as well as
earnest money deposit for the sale of assets of the company and for
issuance of advertisement in the newspaper etc.
2. This
Court has passed an order on 16th August, 2010 granting prayer with
regard to fixing of upset price and earnest money deposit for the
sale of assets of the company. The Court has also accepted suggestion
of the Official Liquidator for issuance of public advertisement
inviting offers in sealed covers and accordingly sale was directed to
be held in the Court on 3rd September, 2009. On 3rd September, 2010,
the Court has observed in its order that pursuant to the
advertisement, two offers were received, one of M/s. Riddhi Siddhi
Enterprises and other of M/s. Maa Trdelink Pvt.Ltd. After inter se
bidding in the Court, the offer of M/s. Riddhi Siddhi Enterprises for
Rs. 7,85,00,000/- was the highest one. However, it was not considered
to be adequate by the Court and hence the Court has directed the
Official Liquidator to publish a short advertisement.
3. Pursuant
to the said order, the Official Liquidator has issued advertisement
in two papers, one in Indian Express (English) and another in Sandesh
(Gujarati) newspaper. However, no offer was received pursuant to the
said advertisement.
4. In
the above view of the matter, the offer made by M/s. Riddhi Siddhi
Enterprises for Rs. 7.85 crores is taken up for consideration. The
representatives of secured creditors namely Canara Bank as well as
J.M.Financial Assets Reconstruction Co.Pvt.Ltd. are present and they
have no objection if the sale is confirmed in favour of M/s. Riddhi
Siddhi Enterprises for Rs. 7.85 crores. Accordingly, the sale of
assets of the company in liquidation which inter alia include
permanent leasehold with GIDC, Industrial Land of Revenue Survey No.
456/P of Umaravada and 341/P, 342 of Bakrol village, Plot no. 202/P,
N.H.No. 8-B, Main road, Panoli GIDC Estate, Panoli,Ta: Ankleshwar,
Dist: Bharuch admeasuring 37,472.13 sq.mtrs. building structures and
furniture and fixtures as well as plant and machinery and other
movables (except record), is confirmed, as per the terms of the
tender document subject to the following modifications.
(i)
The auction purchaser is permitted to appoint one nominee of its
choice. However, the nominee shall be appointed within one month from
the date of confirmation of sale.
(ii)
The auction purchaser shall not be held liable for the dues of the
company in liquidation pertaining to pre-liquidation period. Though
it is specifically mentioned in clause 14 of the tender document,
only with a view to avoid any future controversy, it is specifically
stated in the order.
(iii)
The Official Liquidator shall hand over the possession of the assets
in question only after receipt of the entire sale consideration and
the sale deed shall be executed within one month from the date of
receipt of the entire sale consideration.
(iv)
The secured creditors are directed to hand over the documents
relating to the property so that the Official Liquidator can hand
over such documents to the auction purchaser and/or its nominee.
So
far as other prayers made by the Official Liquidator in the present
report are concerned, his prayer for ratifying the appointment of
security guards is hereby granted. Since the sale is already
confirmed in favour of the auction purchaser and the Official
Liquidator is going to receive the amount of sale consideration,
there is no need to issue any direction to the secured creditors for
making proportionate payment to meet with the expenses to be incurred
by him.
5. The
Official Liquidator is permitted to make payment to the advertising
agency as indicated by him in his report dated 1st September, 2010 as
well as 28th September, 2010.
6. Earnest
money deposit of unsuccessful bidders shall be refunded within one
week from today.
7. Since
no other prayer remains in this Official Liquidator, the same is
accordingly disposed of.
(K.A.PUJ,J)
***vcdarji
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