{"id":223862,"date":"2010-07-09T00:00:00","date_gmt":"2010-07-08T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ol-vs-manager-on-9-july-2010"},"modified":"2015-07-27T18:11:30","modified_gmt":"2015-07-27T12:41:30","slug":"ol-vs-manager-on-9-july-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ol-vs-manager-on-9-july-2010","title":{"rendered":"Ol vs Manager on 9 July, 2010"},"content":{"rendered":"
Gujarat High Court<\/div>\n
Ol vs Manager on 9 July, 2010<\/div>\n
Author: K.A.Puj,&Nbsp;<\/div>\n
   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\t \n\t\n\n\n \n\n\n\t \n\nOLR\/155\/2009\t 7\/ 7\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. 155 of 2009\n \n\nIn\n\n\n \n\nOFFICIAL\nLIQUDATOR REPORT No. 70 of 2005\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 300 of 1992\n \n\n===================================\n \n\nOL\nOF M\/S MAHARANA MILLS CO LTD - Applicant\n \n\nVersus\n \n\nMANAGER\n- STATE BANK OF INDIA & 10 - Respondents\n \n\n=================================== \nAppearance\n: \nMS\nAMEE YAJNIK for Official Liquidator. \nMS NALINI S LODHA for\nRespondent No. 1.  \nMR MRUGESH JANI for Respondent No. 2.  \nMR\nVIMAL M PATEL for Respondent No. 4.  \nMR NAVIN K PAHWA for\nRespondent No. 5.  \nNone for Respondent No. 6.  \nDELETED for\nRespondent Nos.7, 10, \nDHARMESH D NANAVATY for Respondent No.\n11. \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: 09\/07\/2010 \nORAL ORDER<\/pre>\n
\tThe Official
\n\tLiquidator has filed this report making following prayers :-\n<\/p>\n
\t Whether this
\n\tHon’ble Court would be pleased to permit the Official Liquidator to
\n\taccept the offer of M\/s. Sarvaiya Exports Pvt. Ltd., Ahmedabad for
\n\tLot No. A for Rs.1,60,00,000\/- as against the upset price of
\n\tRs.1,50,00,000\/- as per the terms and conditions of sale or on such
\n\tother and further terms and conditions as may be decided by this
\n\tHon’ble Court.\n<\/p>\n
\tWhether this
\n\tHon’ble Court would be pleased to permit the Official Liquidator to
\n\taccept the conditional offer of Rs.6,51,00,000\/- received from M\/s.
\n\tSarvaiya Exports Pvt. Ltd., Ahmedabad for Lot No. B as against the
\n\tupset price of Rs.3,10,00,000\/- and if this offer is accepted then
\n\tthis Hon’ble Court may be pleased to direct M\/s. Jagdish Oil
\n\tIndustries Ltd., Mumbai to vacate the premises occupied by them or
\n\tto raise their offer beyond Rs.6,51,00,000\/-.\n<\/p>\n
\tWhether this
\n\tHon’ble Court would be pleased to confirm the sale of the assets of
\n\tthe Company in Lot Nos. D, E & F as a composite lot (except
\n\trecords and land) in favour of M\/s. Chechani Trading & Company,
\n\tAhmedabad for an amount of Rs.10,25,00,000\/- as against the upset
\n\tprice of Rs.4,81,50,000\/- on the terms and conditions of sale as per
\n\tTender Form at Annexure   C.\n<\/p>\n
\tWhether this
\n\tHon’ble Court would be pleased to ratify the action taken by the
\n\tOfficial Liquidator in making payment of Rs.1,99,235\/- to M\/s.
\n\tNavnitlal & Co., Advertising Agency, being advertisement
\n\texpenses as per their bill dated 16.10.2005 at Annexure B to this
\n\treport.\n<\/p>\n
\tThis Hon’ble
\n\tCourt may also be pleased to permit the Official Liquidator to pay
\n\tthe expenses of Rs.1,000\/- incurred as incidental expenses in
\n\tconnection with the auction.\n<\/p>\n
\tThis Court has
\n\tpassed several orders from time to time.  So far as plant and
\n\tmachinery as well as building structure consisting of Lot Nos.D, E &
\n\tF are concerned, order was passed by this Court on 07.05.2010.
\n\tPursuant to the said order, fresh advertisement was issued and the
\n\tmatter was referred to two Valuers.  In response to the
\n\tadvertisement, no fresh offer was received by the Official
\n\tLiquidator.  Fresh valuation reports obtained by the Official
\n\tLiquidator in respect of Lot Nos.D, E & F are placed on record
\n\tin sealed covers which are opened in the Court.\n<\/p>\n
\tAs per the
\n\tValuation Report given by BDL Infra Project Limited dated
\n\t18.06.2010, the value of building structures and furnitures and
\n\tfixtures comes to Rs.1,26,44,300\/- whereas the value of plant and
\n\tmachinery comes to Rs.3,66,15,000\/-.\n<\/p>\n
\tAs per the
\n\tValuation Report given by Gujarat Industrial & Technical
\n\tConsultancy Organization Limited (GITCO), the value of civil
\n\tstructure comes to Rs.393.92 Lacs and value of plant and machinery
\n\tcomes to Rs.381.68 Lacs.  Hence, even if the higher value is
\n\tadopted, the offer made by respondent No.5   M\/s. Chechani Trading
\n\tCompany is on the higher side.\n<\/p>\n
\tIn the above
\n\tview of the matter and more particularly, when no fresh offer is
\n\treceived by the Official Liquidator pursuant to the advertisement
\n\tgiven by him, the offer made by the respondent No.5   M\/s.
\n\tChechani Trading Company and as agreed by the said party before this
\n\tCourt on 07.05.2010, the sale for lot No.D, E & F is confirmed
\n\tin favour of the said party for Rs.10.50 Crores subject to the terms
\n\tand conditions of the tender document.  It is, however, mentioned
\n\tthat the auction purchaser would pay 25% of the purchase price
\n\twithin one month from today and the balance 75% will be paid within
\n\tthree months thereafter.  The entire building structure as well as
\n\tthe plant and machinery would be removed by the auction purchaser
\n\twithin a period of six months.  It is further made clear that the
\n\tpossession of the plant and machinery as well as building structure
\n\tof the property in question will be given to the auction purchaser
\n\tonly after payment of the entire sale consideration.  In case of
\n\tdifficulty, it is open for the auction purchaser to approach this
\n\tCourt for extension of time and such application would be decided on
\n\tits own merits.  It is stated by Mr. Pahwa that the auction
\n\tpurchaser will make the payment within 7 days from today.\n<\/p>\n
\tSo far as the
\n\tsale of land is concerned, the OJ appeal is already disposed of and
\n\tstay granted against sale of land is vacated.  Hence, it is open for
\n\tthe Official Liquidator to invite offers for the sale of land by
\n\tissuing public advertisement in two Newspapers. Since the Valuation
\n\tReport in respect of land is available, it should be mentioned in
\n\tthe advertisement and procedure to that effect should be started by
\n\tthe Official Liquidator.  On issuance of the advertisement and
\n\treceipt of offers with Earnest money, the Official Liquidator shall
\n\thold auction amongst the bidders whose offers are received by him
\n\tand file report before this Court for confirmation of sale.\n<\/p>\n
\tSo far as the
\n\tother prayers are concerned, the Official Liquidator is permitted to
\n\tmake the payment to the Advertising Agency as indicated in prayer
\n\t(D) and the Official Liquidator is also permitted to pay the
\n\texpenses of Rs.1,000\/- incurred as incidental expenses in connection
\n\twith the auction.\n<\/p>\n
\tSo far as
\n\tpayment to be made to the two Valuers are concerned, the Official
\n\tLiquidator is permitted to make the payment as per the Scheme
\n\tapproved and rates finalized by this Court, after filing appropriate
\n\treport and obtaining formal approval of this Court in this regard.\n<\/p>\n
\tThe Valuation
\n\treports are given back to the Official Liquidator with a direction
\n\tto place copy of the same on the record of this Official Liquidator
\n\tReport.\n<\/p>\n
No
\n\tother prayer remains in this report.   Hence, the present report is
\n\taccordingly disposed of.\n<\/p>\n
\t\t\t\t\t\t\t\t\tSd\/-\n<\/p>\n
\t\t\t\t\t\t\t\t[K. A. PUJ, J.]\t\t<\/p>\n
Savariya<\/p>\n
\t\t   \u00a0\u00a0\u00a0<\/p>\n
\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"
Gujarat High Court Ol vs Manager on 9 July, 2010 Author: K.A.Puj,&Nbsp; Gujarat High Court Case Information System Print OLR\/155\/2009 7\/ 7 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD OFFICIAL LIQUDATOR REPORT No. 155 of 2009 In OFFICIAL LIQUDATOR REPORT No. 70 of 2005 In COMPANY APPLICATION No. 300 of 1992 =================================== OL […]<\/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-223862","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"\nOl vs Manager on 9 July, 2010 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ol-vs-manager-on-9-july-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ol vs Manager on 9 July, 2010 - 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