{"id":226488,"date":"2010-09-03T00:00:00","date_gmt":"2010-09-02T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/o-vs-bank-on-3-september-2010"},"modified":"2017-06-30T01:28:24","modified_gmt":"2017-06-29T19:58:24","slug":"o-vs-bank-on-3-september-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/o-vs-bank-on-3-september-2010","title":{"rendered":"O vs Bank on 3 September, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">O vs Bank on 3 September, 2010<\/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\t \n\t\n\n\n \n\n\n\t \n\nOLR\/49\/2010\t 1\/ 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. 49 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nPETITION No. 29 of 1997 \n \n=========================================\n \n\nO\nL OF M\/S MOTOROL (INDIA) LIMITED ( IN LIQN.) - Applicant(s)\n \n\nVersus\n \n\nBANK\nOF BARODA &amp; 8 - Respondent(s)\n \n\n========================================= \nAppearance\n: \nMR JS YADAV\nfor Applicant No : 1 \nMR\nBHARAT JANI for Respondent No : 1 \nNOTICE SERVED BY DS for\nRespondent Nos : 2 - 4, 6, 9 \nMR RAJESH P MANKAD for Respondent No\n: 5 \nMRS SANGEETA N PAHWA for Respondent Nos : 7 -\n8 \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: 03\/09\/2010 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p>The<br \/>\n\tOfficial Liquidator has filed this report making following prayers:\n<\/p>\n<p>(A)<br \/>\n\tThis Hon&#8217;ble Court may be pleased to confirm the sale of Lot No.A-3<br \/>\n\ti.e. Composite Offer for Lot No. A-1 and A-2 situated at Padra<br \/>\n\tJambusar Road, Village   Gametha, Tal. Padra, Dist. Vadodara in<br \/>\n\tfavour of M\/s. Avani Petrochem Pvt. Ltd. for Rs. 3,11,11,111\/- on<br \/>\n\tthe terms and conditions of sale as specified in the tender form at<br \/>\n\tAnnexure- E or on such other and further terms and conditions as may<br \/>\n\tbe decided by this Hon&#8217;ble High Court.\n<\/p>\n<p>(B)<br \/>\n\tThis Hon&#8217;ble Court may be pleased to confirm the sale of Lot No.<br \/>\n\tB-III i.e. Composite Offer for Lot No. B-I and B-II situated at<br \/>\n\t Motorol House , R.C. Dutt Road, Alkapuri, Vadodara in favour of<br \/>\n\tM\/s. G.M. Corporation for Rs.5,61,11,400\/- on the terms and<br \/>\n\tconditions of sale as specified in the tender form at Annexure-E or<br \/>\n\ton such other and further terms and conditions as may be decided by<br \/>\n\tthis Hon&#8217;ble High Court.\n<\/p>\n<p>(C)<br \/>\n\tThis Hon&#8217;ble Court may be pleased to confirm the sale of Lot No.C<br \/>\n\ti.e. Wind Mills (excluding Land) situated at Meravadar, Rajkot in<br \/>\n\tfavour of M\/s. Vinayak Enterprise for Rs.7,51,0000\/- on the terms<br \/>\n\tand conditions of sale as specified in the tender form at Annexure-E<br \/>\n\tor on such other and further terms and conditions as may be decided<br \/>\n\tby this Hon&#8217;ble High Court.\n<\/p>\n<p>(D)<br \/>\n\tTo ratify the action taken by the Official Liquidator in making<br \/>\n\tpayment of advertisement bill of M\/s. Navnital &amp; Company,<br \/>\n\tAdvertising Agency of Rs.60,734\/- towards advertisement charges out<br \/>\n\tof the sale proceeds of the assets of the company.\n<\/p>\n<p>This<br \/>\n\tCourt has passed several orders from time to time. So far as prayer<br \/>\n\t(B) is concerned, it is already dealt with by the Court earlier<br \/>\n\tpursuant to the orders passed by this Court on 14.05.2010 and<br \/>\n\t29.07.2010 in Company Application No.128 of 2010 with O.L.R. No.49<br \/>\n\tof 2010.  So far as prayer (A) is concerned the highest offer is<br \/>\n\tmade by M\/s. Avani Petrochem Pvt. Ltd. for Rs. 3,11,11,111\/-.<br \/>\n\tHowever, the said offer does not seem to the Court to be an adequate<br \/>\n\toffer and hence the Court has directed the Official Liquidator to<br \/>\n\tissue letters to all the bidders of the Company intimating them to<br \/>\n\tremain present before this Court on 31st August, 2010 and<br \/>\n\tsubmit their offers directly to this Court along with EMD equal to<br \/>\n\t10% of the market value.  The Official Liquidator has accordingly<br \/>\n\tintimated to all the bidders but no one has remained present.\n<\/p>\n<p>On<br \/>\n\tbehalf of the highest bidder Mr. Navin K. Pahwa, learned advocate<br \/>\n\thas appeared and he has instruction from his client to raise the bid<br \/>\n\tamount to Rs.3.25 crores.\n<\/p>\n<p>The<br \/>\n\tCourt does not think fit that the sale price is adequate and hence<br \/>\n\tthe sale is not confirmed in favour of the highest bidder. The Court<br \/>\n\tdirects the Official Liquidator to issue fresh advertisements in two<br \/>\n\tnews papers namely  Indian Express , English daily and  Divya<br \/>\n\tBhaskar , Gujarati daily, both in Baroda Edition,<br \/>\n\tindicating the upset price of Rs.3.25 crores and EMD at 10% of the<br \/>\n\tsaid upset price. The auction would take place in the Court on 1st<br \/>\n\tOctober, 2010.  The offers are to be invited in the sealed<br \/>\n\tcovers and all these sealed covers must be produced before the Court<br \/>\n\twith the report of the Official Liquidator.  The EMD of the second<br \/>\n\thighest bidder should be refunded to the second highest bidder<br \/>\n\tforthwith.\n<\/p>\n<p>\tSo<br \/>\n\tfar as prayer (C) in respect of Lot No. C, is concerned i.e. Wind<br \/>\n\tMills (excluding Land) situated at Meravadar, Rajkot is confirmed in<br \/>\n\tfavour of M\/s. Vinayak Enterprise for Rs.7,51,000\/- (not<br \/>\n\tRs.7,51,0000 as wrongly mentioned in the prayer) on the terms and<br \/>\n\tconditions of sale as specified in the tender document.  On receipt<br \/>\n\tof the entire sale consideration the Official Liquidator will hand<br \/>\n\tover the possession of the Wind Mills to the auction purchaser<br \/>\n\tforthwith.\n<\/p>\n<p>So<br \/>\n\tfar as prayer (D) is concerned, the Official Liquidator is permitted<br \/>\n\tto make the payment of the advertisement bill of Rs. 60,734\/-<br \/>\n\ttowards advertisement charges to M\/s. Navnitlal &amp; Company, out<br \/>\n\tof the sale proceeds of the  Company (in liquidation).\n<\/p>\n<p>With<br \/>\n\tthis direction and observation this Official Liquidator Report is<br \/>\n\taccordingly disposed of.\n<\/p>\n<p>(K.A.\n<\/p>\n<p>\tPUJ, J.)<\/p>\n<p>Pankaj<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court O vs Bank on 3 September, 2010 Author: K.A.Puj,&amp;Nbsp; Gujarat High Court Case Information System Print OLR\/49\/2010 1\/ 5 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD OFFICIAL LIQUDATOR REPORT No. 49 of 2010 In COMPANY PETITION No. 29 of 1997 ========================================= O L OF M\/S MOTOROL (INDIA) LIMITED ( IN [&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-226488","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 v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>O vs Bank on 3 September, 2010 - Free Judgements of Supreme Court &amp; 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