{"id":231859,"date":"2011-07-15T00:00:00","date_gmt":"2011-07-14T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/bank-vs-official-on-15-july-2011"},"modified":"2017-12-06T02:18:55","modified_gmt":"2017-12-05T20:48:55","slug":"bank-vs-official-on-15-july-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/bank-vs-official-on-15-july-2011","title":{"rendered":"Bank vs Official on 15 July, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Bank vs Official on 15 July, 2011<\/div>\n<div class=\"doc_author\">Author: K.M.Thaker,<\/div>\n<pre>  \n Gujarat High Court Case Information System \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\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMA\/246\/2011\t 3\/ 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. 246 of 2011\n \n\nIn\n\n\n \n\nCOMPANY\nPETITION No. 67 of 1995\n \n\n=========================================================\n\n \n\nBANK\nOF BARODA - Applicant(s)\n \n\nVersus\n \n\nOFFICIAL\nLIQUIDATOR OF M\/S KHODIYAR POTTERY WORKS LTD IN LIQ &amp; 6 -\nRespondent(s)\n \n\n=========================================================\n \nAppearance\n: \nMR\nBHARAT JANI for\nApplicant(s) : 1, \nOFFICIAL LIQUIDATOR for Respondent(s) : 1, \nMR\nJS YADAV for Respondent(s) : 1, \nNOTICE SERVED for Respondent(s) :\n2, 5, \nNOTICE UNSERVED for Respondent(s) : 3, \nMR RD RAVAL for\nRespondent(s) : 4, \nGOVERNMENT PLEADER for Respondent(s) : 6 -\n7. \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.M.THAKER\n\t\t\n\t\n\n \n\nDate\n: 15\/07\/2011 \n\n \n\n \nORAL\nORDER<\/pre>\n<p>1.\tPresent<br \/>\nJudge&#8217;s Summons, which is registered as Company Application No.246 of<br \/>\n2011, has been taken out by one of the secured creditors i.e. Bank of<br \/>\nBaroda of the company i.e. M\/s. Khodiyar Pottery Works Limited (in<br \/>\nliquidation).\n<\/p>\n<p>2.\tHeard<br \/>\nMr. Jani, learned advocate for the applicant- Bank of Baroda and Mr.<br \/>\nYadav, learned advocate for the Official Liquidator.\n<\/p>\n<p>3.\tThe<br \/>\nJudge&#8217;s Summons has been taken out on the strength of order dated<br \/>\n12th August, 2009 passed by the Court in O.L.R. No.144 of<br \/>\n2007. It is claimed that despite the directions vide said order dated<br \/>\n12th August, 2009, to take steps for sale of immovable<br \/>\nproperties, any action or substantial steps, much less any concrete<br \/>\naction, has not been taken by the office of the Official Liquidator<br \/>\nuntil now. Therefore, directions for issuance of advertisement etc.<br \/>\nhave been prayed for by the applicant.\n<\/p>\n<p>4.\tOn<br \/>\nthe other hand, Mr. Yadav, learned advocate for the Official<br \/>\nLiquidator has stated that one of the secured creditors- State Bank<br \/>\nof India has already appointed the valuer who is in the process of<br \/>\nvaluing the property. However, according to his recent communication,<br \/>\nas certain details so as to finalize the valuation report are yet<br \/>\nrequired, the valuation report has not been submitted to the office<br \/>\nof the Official Liquidator. He also submitted that the office of the<br \/>\nOfficial Liquidator is in regular and diligent follow up action with<br \/>\nthe valuer and according to the responses from the valuer the office<br \/>\nof the Official Liquidator has been assured that within a period of<br \/>\ntwo weeks final report will be submitted.\n<\/p>\n<p>5.\tIt<br \/>\nis obvious that only after the valuation report is received, the<br \/>\nOffice of Official Liquidator can determine tentative upset price and<br \/>\nsubmit it for the approval of the Court.\n<\/p>\n<p>6.\tOn<br \/>\nperusal of the order dated 12th August, 2009, it becomes<br \/>\nclear that specific directions have been issued by the Court as to<br \/>\nthe steps which the office of the Official Liquidator should take in<br \/>\ndirections towards the issuance of advertisement for sale of assets<br \/>\nof the company in liquidation. There is no purpose in repeating the<br \/>\nvery same directions. However, the applicant has, by present<br \/>\napplication, prayed that this Court should repeat the very same<br \/>\ndirections. The Court is not inclined to do so for the simple reason<br \/>\nthat the order dated 12th August, 2009 is in operation and<br \/>\nshall serve the purpose of guidance and instructions to the Official<br \/>\nLiquidator to take necessary steps towards the sale of the assets of<br \/>\nthe company in liquidation. It is made clear that the Official<br \/>\nLiquidator shall have to comply each of the directions mentioned in<br \/>\nthe order dated 12th August, 2009.\n<\/p>\n<p>7.\tNow,<br \/>\nwhen the Official Liquidator has clearly stipulated that report of<br \/>\nthe valuer is almost at the stage of finalization and would be<br \/>\nreceived by Official Liquidator within a period of 10 to 15 days, it<br \/>\nis directed that;\n<\/p>\n<p>a)<br \/>\n Office of Official Liquidator will ensure that requisite steps by<br \/>\nway of follow up action with regard to valuation are taken to ensure<br \/>\nthat submission of report is not delayed beyond two weeks;\n<\/p>\n<p>b)\tAfter<br \/>\nthe report is received, all steps as required including the action<br \/>\nmentioned in the Court&#8217;s order dated 12th August, 2009<br \/>\nshall be taken immediately without unnecessary delay; and <\/p>\n<p>c)<br \/>\nOfficial Liquidator shall file appropriate report seeking direction<br \/>\nupon mentioning suggested upset price, for sale at available assets<br \/>\nof the company in liquidation;\n<\/p>\n<p>d)<br \/>\nThe Official Liquidator, in the meantime i.e. by the time report of<br \/>\nthe valuer is received, shall take all necessary and preliminary<br \/>\nsteps so that further time in preparing the report for seeking<br \/>\nappropriate directions as to the upset price and issuance of<br \/>\nadvertisement is not delayed;\n<\/p>\n<p>e)\tIt<br \/>\nis expected that entire exercise will be completed by Official<br \/>\nLiquidator within three weeks immediately after the receipt of the<br \/>\nreport of valuer.\n<\/p>\n<p>8.\tWith<br \/>\nthe aforesaid clarification and direction, present application is<br \/>\ndisposed of. Notice is discharged.\n<\/p>\n<p>[K.\n<\/p>\n<p>M. THAKER, J.]<\/p>\n<p>Amit<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Bank vs Official on 15 July, 2011 Author: K.M.Thaker, Gujarat High Court Case Information System Print COMA\/246\/2011 3\/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY APPLICATION No. 246 of 2011 In COMPANY PETITION No. 67 of 1995 ========================================================= BANK OF BARODA &#8211; Applicant(s) Versus OFFICIAL LIQUIDATOR OF M\/S [&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-231859","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>Bank vs Official on 15 July, 2011 - Free Judgements of Supreme Court &amp; 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