{"id":194315,"date":"2011-02-10T00:00:00","date_gmt":"2011-02-09T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/official-vs-asset-on-10-february-2011"},"modified":"2017-02-06T14:19:34","modified_gmt":"2017-02-06T08:49:34","slug":"official-vs-asset-on-10-february-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/official-vs-asset-on-10-february-2011","title":{"rendered":"Official vs Asset on 10 February, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Official vs Asset on 10 February, 2011<\/div>\n<div class=\"doc_author\">Author: K.A.Puj,&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\nOLR\/111\/2010\t 3\/ 5\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nOFFICIAL\nLIQUDATOR REPORT No. 111 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 182 of 2010\n \n\nIn\n \n\n\nCOMPANY PETITION No. 223 of 1996\n \n\n \n \n=========================================================\n\n \n\nOFFICIAL\nLIQUIDATOR OF M\/S GOODEARTH ORGANICS(INDIA) LTD - Applicant(s)\n \n\nVersus\n \n\nASSET\nRECONSTRUCTION COMPANY (INDIA) LTD &amp; 4 - Respondent(s)\n \n\n=========================================================\n \nAppearance\n: \nOFFICIAL\nLIQUIDATOR for\nApplicant(s) : 1,MR MRUGESH JANI for Applicant(s) : 1, \nNone for\nRespondent(s) : 1 - 4. \nMR HS MUNSHAW for Respondent(s) :\n5, \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 K.A.PUJ\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 08\/10\/2010  \nORAL ORDER<\/pre>\n<p>\tThe Official Liquidator<br \/>\n\thas filed this report for consideration of the offer to purchase the<br \/>\n\tproperties in question of the Company in liquidation. The Official<br \/>\n\tLiquidator has also prayed for permission to make the payment to the<br \/>\n\tadvertisement agency.\n<\/p>\n<p>\tThe Official Liquidator<br \/>\n\tin his report has stated that pursuant to the advertisements<br \/>\n\tpublished in newspapers on 15.9.2010 he has received 18 offers in<br \/>\n\tsealed covers for Lot No.II i.e. Plant &amp; Machineries and other<br \/>\n\tmoveables. For Lot Nos.I and III no offer was received by the<br \/>\n\tOfficial Liquidator. He has further submitted in his report that<br \/>\n\tM\/s.Pegasus Assets Reconstruction Pvt. Ltd., (attorney of ARCIL)<br \/>\n\tvide its letter dated 8.9.2010 submitted the latest valuation report<br \/>\n\tdated 6.9.2010 prepared by M\/s. R. B.Shah, Valuer. The offers<br \/>\n\treceived by the Official Liquidator in sealed covers are produced<br \/>\n\tbefore the Court and sealed cover was opened and, thereafter, inter<br \/>\n\tse bidding was started amongst the bidders for Lot No.II. The<br \/>\n\thighest offer received by the Official Liquidator for Lot No.II is<br \/>\n\tRs.6,09,300\/-.  The inter-se bidding was started and ultimately had<br \/>\n\treached upto Rs.7,10,000\/- and hence the sale for Lot No.II of plant<br \/>\n\tand machineries and other moveables is confirmed in favour of<br \/>\n\tM\/s.Dhruv Metal for Rs.7,10,000\/-.\n<\/p>\n<p>\tConsidering the valuation<br \/>\n\treport of Shri Mukesh M. Shah dated 16.6.2010, it appears that many<br \/>\n\titems which were available on 29.10.2007 are not available on<br \/>\n\t15.6.2010. It is very unfortunate that during this period security<br \/>\n\tagency was very much there and still the items are stolen away. The<br \/>\n\tOfficial Liquidator is, therefore, directed to ask for explanation<br \/>\n\tfrom the concerned security agency and if no satisfactory<br \/>\n\texplanation is rendered by the security agency in that case no<br \/>\n\tfurther payment should be made to the concerned security agency.\n<\/p>\n<p>\tAt this stage,<br \/>\n\tMr.N.K.Pahwa, learned advocate appearing for the secured creditors<br \/>\n\thas submitted that M\/s.Pegasus Assets Reconstruction Pvt. Ltd.,<br \/>\n\t(attorney of ARCIL) has made certain efforts and also approached not<br \/>\n\tless than 34 Companies and response was received from them for<br \/>\n\tpurchase of the land of the Company in liquidation. He is,<br \/>\n\ttherefore, directed that proposal with regard to sale of Plot Nos.I<br \/>\n\tand III be granted some time during which M\/s.Pegasus Assets<br \/>\n\tReconstruction Pvt. Ltd., (attorney of ARCIL) would make endeavour<br \/>\n\tto bring any prospective buyer before the Court and, thereafter,<br \/>\n\tnecessary steps would be taken by the Court for sale of the assets<br \/>\n\tof the Company in liquidation.  The Official Liquidator is also<br \/>\n\tdirected to pursue the matter with secured creditors for sale of<br \/>\n\tland and buildings of the Company in liquidation.\n<\/p>\n<p>\tIn the above view of the<br \/>\n\tmatter, the sale of the Lot No.II as stated above is confirmed in<br \/>\n\tfavour of M\/s.Dhruv Metal for Rs.7,10,000\/- on the terms and<br \/>\n\tconditions as indicated in the tender documents. The possession will<br \/>\n\tbe handed over only after receipt of the entire sale consideration.<br \/>\n\tOut of the sale proceeds that may be received by the Official<br \/>\n\tLiquidator necessary payment to the advertising agency shall be<br \/>\n\tmade, if no such amount is received from the secured creditors.\n<\/p>\n<p>\tFor further consideration<br \/>\n\tof the sale of Plot No.I the matter is adjourned to 22.10.2010.\n<\/p>\n<p>\t\t\t\t\t\t\t\t(K.\n<\/p>\n<p>A. PUJ, J.)<\/p>\n<p>kks<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Official vs Asset on 10 February, 2011 Author: K.A.Puj,&amp;Nbsp; Gujarat High Court Case Information System Print 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 [&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-194315","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>Official vs Asset on 10 February, 2011 - Free Judgements of Supreme Court &amp; 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