{"id":177703,"date":"2008-06-26T00:00:00","date_gmt":"2008-06-25T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/rajkot-vs-official-on-26-june-2008"},"modified":"2015-07-12T21:28:13","modified_gmt":"2015-07-12T15:58:13","slug":"rajkot-vs-official-on-26-june-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/rajkot-vs-official-on-26-june-2008","title":{"rendered":"Rajkot vs Official on 26 June, 2008"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Rajkot vs Official on 26 June, 2008<\/div>\n<div class=\"doc_author\">Author: Bankim.N.Mehta,&amp;Nbsp;<\/div>\n<pre>   Gujarat High Court Case Information System \n\n  \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMA\/298\/2008\t 2\/ 3\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nAPPLICATION No. 298 of 2008\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 466 of 2007\n \n\nIn\n \n\n\nOFFICIAL LIQUDATOR REPORT No.\n214 of 2007\n \n\n \n=========================================================\n\n \n\nRAJKOT\nNAGARIK SAHAKARI BANK LIMITED. - Applicant(s)\n \n\nVersus\n \n\nOFFICIAL\nLIQUIDATOR OF PRIME FLOOR TILES PVT. LTD. - Respondent(s)\n \n\n=========================================================\n \nAppearance\n: \nMR\nJR SHAH for\nApplicant(s) : 1, \nOFFICIAL LIQUIDATOR for Respondent(s) : 1, \nMR\nNITIN K MEHTA for Respondent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE BANKIM.N.MEHTA\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 26\/06\/2008 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p>1.\tThe<br \/>\napplicant has filed this application for following prayers:-\n<\/p>\n<p>A)\tBe<br \/>\npleased to revise the upset price which has been fixed by this<br \/>\nHon&#8217;ble Court from Rs.5.10 crores to Rs.4.10 crores and also revise<br \/>\nthe EMD from Rs.51 lacs to Rs.41 lacs in view of the Report submitted<br \/>\nby the respondent.\n<\/p>\n<p>B)\tBe<br \/>\npleased to direct the respondent for giving the fresh advertisement<br \/>\nin the following Newspapers.\n<\/p>\n<p>\tI)\tAdvertise<br \/>\nin the local Evening Newspaper of \t\tRajkot.\n<\/p>\n<p>(II)\tAny<br \/>\nother Gujarati Newspaper daily in Rajkot \t\t(Ahmedabad Edition) and<br \/>\nalso in English \t\t\tNewspaper.\n<\/p>\n<p>C)\tBe<br \/>\npleased to give necessary permission to the respondent for de-sealing<br \/>\nand also for re-sealing the unit as and when public inspection is<br \/>\nordered for providing inspection to the intending purchaser.\n<\/p>\n<p>2.\tLearned<br \/>\nadvocate Mr.J.R.Shah for the applicant does not press relief claimed<br \/>\nin Para-A of the application at this stage and reserves his right to<br \/>\nfile appropriate proceedings if required after the fresh<br \/>\nadvertisements are published and offers received.\n<\/p>\n<p>3.\tAccording<br \/>\nto the applicant, the upset price of the properties of the company<br \/>\n(in liquidation)was earlier fixed at Rs.3.54 crores and on that basis<br \/>\nadvertisement was published in the newspaper. Thereafter, the<br \/>\napplicant filed an application to review the upset price and the<br \/>\nCourt revised the upset price to Rs.5.1 crore. Thereafter, the offers<br \/>\nwere invited. In all, three parties gave their offers. Out of that,<br \/>\ntwo offers were rejected by the sale committee and one M\/s.Palco<br \/>\nRecycle Exchange Ltd. gave their offer of Rs.1.50 crores. After<br \/>\nnegotiations the said party has increased the offer to Rs.2 crores<br \/>\nbut sale committee found the said offer much below the upset price<br \/>\nfixed by the Court and therefore the offer was rejected. Therefore<br \/>\npresent application has been moved to reduce the upset price and<br \/>\nother prayers.\n<\/p>\n<p>4.\tI<br \/>\nhave heard  learned advocate Mr.J.R.Shah for the applicant and<br \/>\nlearned advocate Mr.Jani for respondent.\n<\/p>\n<p>5.\tIt<br \/>\nappears that the Court had earlier fixed the upset price but that<br \/>\nprice was increased at the instance of the applicant. However,the<br \/>\noffer received  was much below the revised upset price. Therefore,<br \/>\nthe sale committee rejected the offer. It appears that proper offer<br \/>\nwas not received by the Official Liquidator.\n<\/p>\n<p>6.\tIn<br \/>\nview of the fact that advertisement was published in a Gujarati<br \/>\nDaily, which has circulation in some part of State of Gujarat only,<br \/>\nit would be appropriate to direct the Official Liquidator to publish<br \/>\nadvertisements in local daily having circulation in the city of<br \/>\nRajkot where the properties are situate.\n<\/p>\n<p>7.\tIn<br \/>\nview of above, the application is partly allowed. The respondent is<br \/>\ndirected to publish advertisement in any one English Daily, one Local<br \/>\nGujarati Daily newspaper and a Local Evening Newspaper having<br \/>\ncirculation in city of Rajkot inviting offer in respect of the<br \/>\nproperties. The applicant shall bear the expenses of publishing<br \/>\nadvertisements in local dailies. The Official Liquidator is at<br \/>\nliberty to move the Court for de-sealing and re-sealing of the<br \/>\nproperties as and when offer is received by them. The application<br \/>\nstands disposed of.\n<\/p>\n<p>(Bankim<br \/>\nN. Mehta, J.)<\/p>\n<p>sudhir<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Rajkot vs Official on 26 June, 2008 Author: Bankim.N.Mehta,&amp;Nbsp; Gujarat High Court Case Information System Print 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-177703","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rajkot vs Official on 26 June, 2008 - Free Judgements of Supreme Court &amp; 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