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OLR/22/2010 4/ 6 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 22 of 2010
In
COMPANY
PETITION No. 102 of 1998
======================================
OFFICIAL
LIQUIDATOR OF M/S ANAL POLYESTER PVT LTD - Applicant
Versus
UNION
BANK OF INDIA & 1 - Respondents
======================================
Appearance :
MR.HIREN
M MODI for the Applicant.
MR DEVANG TRIVEDI for respondent No.1
PARTY-IN-PERSON as Respondent
No.2.
======================================
CORAM
:
HONOURABLE
MR.JUSTICE M.R. SHAH
Date
: 04/03/2010
ORAL
ORDER
1. The
present Official Liquidator Report has been preferred by the
applicant Official Liquidator of M/s.Anal Polyester Private
Limited (In Liquidation) to consider the offer of respondent No.2
Hareshbhai R. Padaria to purchase the leasehold land admeasuring
approximately 1908 sq.mtrs., Building structure and allied Civil
Construction situated at Plot No.20/C, Survey No.400 & 402 paiki,
Kadi Industrial Estate, Village- Budasan, Taluka: Kadi, District:
Mehsana and Plant & Machinery and all other movables (except
records) for Rs.38,11,111/- on the terms and conditions of sale as
specified in the tender form at Annexure F or on such other and
further terms and conditions as may be decided by this Court.
2. Heard
Mr.Hiren Modi, learned advocate appearing on behalf of the applicant
– Official Liquidator of M/s.Anal Polyester Private Limited (In
Liquidation); Mr.Devang Trivedi, learned advocate appearing on behalf
of respondent No.1- Union Bank of India and respondent No.2
Hareshbhai R. Padaria, who is personally present in the Court.
3. It
appears that Sale Committee invited the tenders from the eligible
offerers and upset price and EMD was fixed by this Court vide order
dated 18/11/2009 in Official Liquidator Report No.135 of 2009 and for
the same, upset price for Lot Nos.I and II (composite offer) is Rs.37
Lacs. Offers were invited by giving public advertisement in Divya
Bhaskar in gujarati language and in DNA in English language
in Ahmedabad editions. It is reported that respondent No.2 is the
highest offerer, who has offered to purchase Lot Nos.I and II
(Composite Offer) (except records) for an amount of Rs.38,11,111/-.
Considering the earlier experience and considering the offer of
respondent No.2 for Rs.38,11,111/- and considering the valuation
report, offer of respondent No.2 to purchase Lot Nos.I and II
(composite offer) for Rs.38,11,111/- seems to be reasonable.
4. Mr.Devang
Trivedi, learned advocate appearing on behalf of respondent No.1
Union Bank of India- Secured Creditor is also satisfied with the
offer submitted by respondent No.2 for purchase of Lot Nos.I and II
(composite offer) for amount of Rs.38,11,111/-.
5. Considering
the aforesaid facts and circumstances of the case and offer of
respondent No.2 to purchase Lot Nos.I and II (Composite offer) i.e.
leasehold land admeasuring approximately 1908 sq.mtrs., Building
structure and allied Civil Construction situated at Plot No.20/C,
Survey No.400 & 402 paiki, Kadi Industrial Estate, Village-
Budasan, Taluka: Kadi, District: Mehsana and Plant & Machinery
and all other movables (except records) for an amount of
Rs.38,11,111/- is hereby accepted, on the following terms and
conditions :-
(1) The
sale of the properties of Company (In Liquidation) is on AS IS
WHERE IS AND WHATEVER THERE IS BASIS .
(2) Respondent No.2 purchaser
shall pay the balance amount of sale consideration after
deducting the amount deposited by him with Official Liquidator within
a period of six weeks from today. No further extension shall
be granted.
(3) The
stamp duty, registration charges, AUDA/ Society charges and all other
incidental charges thereto shall be borne by respondent No.2 –
purchaser.
(4) The
purchaser shall accept the tenure of the land area as they actually
exist on the date of confirmation of sale and the vendor shall not be
bound to compensate him in respect of difference in the tenure or in
the area or to incur the costs of ascertaining the correct area or
tenure thereof or such other expenses in connection therewith.
(5) The
property will be conveyed and assigned to the purchaser by the vendor
who alone will execute the documents, if any, in favour of the
purchaser. The purchaser shall not require the concurrence in such
documents of any other person or persons. The vendor is selling the
property as the Official Liquidator attached to this Court pursuant
to the directions of this Court in the matter and as such will not
give any warranty or indemnity of any kind, whatsoever.
(6) The
purchaser shall be liable to pay all statutory dues, if any, due and
payable on the properties of the subject company for the period after
the date of winding-up order. The payment of such dues for
pre-Liquidation period shall be settled as per the provisions of the
Companies Act,1956. However dues, taxes, cess, if any, applicable on
the sale of assets shall be paid by the purchaser.
(7) The
properties shall be handed over to the purchaser on payment of full
consideration of sale price to the Official Liquidator.
(8) If
respondent No.2- purchaser do not pay the balance amount of sale
consideration to the Official Liquidator within stipulated time as
stated hereinabove, the Official Liquidator shall terminate the sale
and forfeit the deposit.
(9) The
vendor has no documents or title deeds relating to the properties
under sale with him. The purchaser is neither entitled to call for
the production of or delivery of any of the documents not in his
possession and shall not make any requisition or take any objection
in respect of such non-delivery thereof.
(10) The
purchaser shall satisfy himself about the right and title of the
properties after ascertaining from the concerned Registration
Officers and other authorities and the vendor will not entertain any
claim as regards to the right/title to the property after this Court
confirms the sale.
(11) The
purchaser shall be deemed to have purchased the properties after
complete examination & inspection of it and shall not be entitled
to make any requisition or raise any objection as to the title or
consideration of the property or any part thereof.
(12) The
purchaser shall be liable to pay and shall pay full amount of taxes
of all kinds, whatsoever which may have to be paid in respect of the
sale of the land or any taxes to be paid in this connection.
(13) As
from the date of confirmation of sale of the assets and property sold
to the purchaser shall be at the sole risk, cost account of the
purchaser as regards the destruction or any damage by fire or
earthquake or any other natural calamities otherwise whatsoever.
(14) If
the purchaser fails to pay the purchase money/balance amount and all
costs charges and expenses payable by him to the vendor within time
specified here-in-above and in all other respect of perform these
conditions or any of them, his entire amount deposited till then
shall be forfeited and the vendor shall be at liberty to sell the
property tendering any conveyance and/or assignment to such
defaulting purchaser and without being bound to sell the property at
such time and subject to such condition and in such manner in all
respects as he shall think proper. The deficiency in price, if any,
occasioned by such second sale and all cost charges and expenses
occasioned by such subsequent sale or any attempted second sale with
interest thereon as may be fixed by this Court from the date of
confirmation of first sale shall be immediately after such subsequent
sale be made good and paid by the defaulting purchaser as by the way
of Liquidated damages, while any profit on such second sale shall not
belong to the defaulting purchaser. This condition is not affected by
any other conditions hereof.
(15) The
offerors are requested to note that no nomination will be allowed.
With
this, the present Official Liquidator Report is disposed of.
[M.R.SHAH,J]
*dipti
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