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COMA/298/2008 2/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 298 of 2008
In
COMPANY
APPLICATION No. 466 of 2007
In
OFFICIAL LIQUDATOR REPORT No.
214 of 2007
=========================================================
RAJKOT
NAGARIK SAHAKARI BANK LIMITED. - Applicant(s)
Versus
OFFICIAL
LIQUIDATOR OF PRIME FLOOR TILES PVT. LTD. - Respondent(s)
=========================================================
Appearance
:
MR
JR SHAH for
Applicant(s) : 1,
OFFICIAL LIQUIDATOR for Respondent(s) : 1,
MR
NITIN K MEHTA for Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE BANKIM.N.MEHTA
Date
: 26/06/2008
ORAL
ORDER
1. The
applicant has filed this application for following prayers:-
A) Be
pleased to revise the upset price which has been fixed by this
Hon’ble Court from Rs.5.10 crores to Rs.4.10 crores and also revise
the EMD from Rs.51 lacs to Rs.41 lacs in view of the Report submitted
by the respondent.
B) Be
pleased to direct the respondent for giving the fresh advertisement
in the following Newspapers.
I) Advertise
in the local Evening Newspaper of Rajkot.
(II) Any
other Gujarati Newspaper daily in Rajkot (Ahmedabad Edition) and
also in English Newspaper.
C) Be
pleased to give necessary permission to the respondent for de-sealing
and also for re-sealing the unit as and when public inspection is
ordered for providing inspection to the intending purchaser.
2. Learned
advocate Mr.J.R.Shah for the applicant does not press relief claimed
in Para-A of the application at this stage and reserves his right to
file appropriate proceedings if required after the fresh
advertisements are published and offers received.
3. According
to the applicant, the upset price of the properties of the company
(in liquidation)was earlier fixed at Rs.3.54 crores and on that basis
advertisement was published in the newspaper. Thereafter, the
applicant filed an application to review the upset price and the
Court revised the upset price to Rs.5.1 crore. Thereafter, the offers
were invited. In all, three parties gave their offers. Out of that,
two offers were rejected by the sale committee and one M/s.Palco
Recycle Exchange Ltd. gave their offer of Rs.1.50 crores. After
negotiations the said party has increased the offer to Rs.2 crores
but sale committee found the said offer much below the upset price
fixed by the Court and therefore the offer was rejected. Therefore
present application has been moved to reduce the upset price and
other prayers.
4. I
have heard learned advocate Mr.J.R.Shah for the applicant and
learned advocate Mr.Jani for respondent.
5. It
appears that the Court had earlier fixed the upset price but that
price was increased at the instance of the applicant. However,the
offer received was much below the revised upset price. Therefore,
the sale committee rejected the offer. It appears that proper offer
was not received by the Official Liquidator.
6. In
view of the fact that advertisement was published in a Gujarati
Daily, which has circulation in some part of State of Gujarat only,
it would be appropriate to direct the Official Liquidator to publish
advertisements in local daily having circulation in the city of
Rajkot where the properties are situate.
7. In
view of above, the application is partly allowed. The respondent is
directed to publish advertisement in any one English Daily, one Local
Gujarati Daily newspaper and a Local Evening Newspaper having
circulation in city of Rajkot inviting offer in respect of the
properties. The applicant shall bear the expenses of publishing
advertisements in local dailies. The Official Liquidator is at
liberty to move the Court for de-sealing and re-sealing of the
properties as and when offer is received by them. The application
stands disposed of.
(Bankim
N. Mehta, J.)
sudhir
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