{"id":252332,"date":"2010-08-27T00:00:00","date_gmt":"2010-08-26T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/kotak-vs-official-on-27-august-2010"},"modified":"2018-05-02T04:24:30","modified_gmt":"2018-05-01T22:54:30","slug":"kotak-vs-official-on-27-august-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/kotak-vs-official-on-27-august-2010","title":{"rendered":"Kotak vs Official on 27 August, 2010"},"content":{"rendered":"
Gujarat High Court<\/div>\n
Kotak vs Official on 27 August, 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\nCOMA\/192\/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\nCOMPANY\nAPPLICATION No. 192 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nPETITION No. 18 of 1998 \n \n=========================================\n \n\nKOTAK\nMAHINDRA BANK LTD - Applicant(s)\n \n\nVersus\n \n\nOFFICIAL\nLIQUIDATOR OF STANROSE STEEL LTD & 11 - Respondent(s)\n \n\n========================================= \nAppearance\n: \nMR NAVIN K\nPAHWA for\nApplicant No : 1 \nOFFICIAL LIQUIDATOR for Respondent No : 1 \nMR\nJS YADAV for Respondent No : 1 \nMR. NIRANJAN A. KASNEKAR for MRS\nMAUNA M BHATT for Respondent No : 2 \nMRHARSHITSTOLIA for Respondent\nNo : 3 \nMRPARTHSTOLIA for Respondent No : 3 \nMRPAMEHD for\nRespondent Nos : 4 - 12 \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: 27\/08\/2010 \n\n \n\n \n \nORAL\nORDER<\/pre>\n
The
\n\tapplicant Kotak Mahindra Bank Ltd. has taken out this Judge’s
\n\tSummons, seeking confirmation of sale of the assets of the Company
\n\t(in liquidation) as conducted by the Sale Committee appointed by
\n\tthis Court, in favour of respondent no.3 i.e. Eva Group of Company
\n\ton such terms and conditions, as may be deemed appropriate by this
\n\tCourt.\n<\/p>\n
This
\n\tCourt has issued notice on 23rd July, 2010.  Further
\n\torder was passed on 30th July, 2010, whereby the
\n\tapplicants of Company Application No.211 of 2010 were joined as
\n\tparty respondents at their own costs.  The Court passed further
\n\tordered on 13th August, 2010, observing therein that the
\n\tvaluation of the property in question was to the tune of
\n\tRs.10,20,19,000\/-, it was sold by the Sale committee after inviting
\n\toffers, at Rs.10,23,30,000\/-.  The Court was, therefore of the view
\n\tthat since there was only one offerer and there was possibility of
\n\thaving some higher offer, the Court is of the view that one more
\n\tattempt was required for fixing-up the upset price of the assets of
\n\tthe Company (in liquidation) at Rs.10,23,30,000\/- and accordingly
\n\tdirections were issued to the Official Liquidator to undertake and
\n\tissue public advertisement in two newspapers, namely,  Indian
\n\tExpress  – English daily and  Saurashtra Samachar – Gujarati
\n\tdaily, both Rajkot Editions.\n<\/p>\n
Pursuant
\n\tto the said order, advertisements were issued inviting fresh offers
\n\tfrom the intending purchasers.  The Official Liquidator has filed
\n\this report today dated 26th August, 2010 wherein he has
\n\tstated that pursuant to the advertisement published in 17th
\n\tAugust, 2010, his office has received eight offers in sealed covers
\n\ton 26th August, 2010.  The offers received by the eight
\n\tparties are as under:\n<\/p>\n
Sr.\n<\/p>\n
\t\t\t\tNo.\n<\/p>\n
Name
\n\t\t\t\t& address of the offerer<\/p>\n
Amount
\n\t\t\t\tOffered (Rs.)<\/p>\n
1.<\/p>\n
M\/s
\n\t\t\t\tNeed Management Services Pvt. 10, Corporate House, Opp. Torrent
\n\t\t\t\tHouse Ashram Road, Ahmedabad.\n<\/p>\n
10,23,30,000\/-\n<\/p>\n
2.<\/p>\n
M\/s
\n\t\t\t\tElectrotherm (India) Ltd. Survey No. 72, Village Palodia Via
\n\t\t\t\tThaltej, Ahmedabad – 382115<\/p>\n
10,25,00.000\/-\n<\/p>\n
3.<\/p>\n
M\/s
\n\t\t\t\tSitson India Pvt. Ltd. W-76, M.I.D.C, Phase-II Dombivali (East),
\n\t\t\t\tThane-421 204.\n<\/p>\n
10,23,30,000\/-\n<\/p>\n
4.<\/p>\n
M\/s
\n\t\t\t\tParshwa Trading Company C-24\/3, Sakhpara Compound GIDC, Chitra,
\n\t\t\t\tBhavanagar-364 004.\n<\/p>\n
10,25,00,000\/-\n<\/p>\n
5.<\/p>\n
M\/s
\n\t\t\t\tLucky Enterprise 4, Shanti Sadan Estate Opp.Dinbai Tower, Lal
\n\t\t\t\tDarwaja Ahmedabad-380 001<\/p>\n
10,23,30,000\/-\n<\/p>\n
6.<\/p>\n
M\/s
\n\t\t\t\tB.R. Metal & Alloys (Guj) P. Ltd. F-4, New Madhavpura Market
\n\t\t\t\tNr. Police Commissioner office Shahibaug, Ahmedabad-380 004.\n<\/p>\n
10,23,30,000\/-\n<\/p>\n
7.<\/p>\n
M\/s
\n\t\t\t\tSAPL Buildcon Pvt. Ltd. 13, Bhimnath Society B\/h Circuit House,
\n\t\t\t\tShahibaug Ahmedabad-380 004,<\/p>\n
10,23,30,000\/-\n<\/p>\n
8.<\/p>\n
M\/s
\n\t\t\t\tAfraji Vincom Pvt. Ltd. 23-B, Kalakar Street 1st
\n\t\t\t\tFloor, Kolkatta West Bengal.\n<\/p>\n
10,23,30,000\/-\n<\/p>\n
All
\n\tthese offers in sealed covers are placed before the Court and they
\n\twere opened in the Court.  Thereafter inter-se bidding has started
\n\tamongst the bidders and ultimately the highest offer has made by the
\n\tEva Group Pvt. Ltd. for Rs. 10.85 Crores.  Incidentally this Eva
\n\tGroup Pvt. Ltd. was the highest offerer even before the Sale
\n\tCommittee.  Since no other bidder has come forward and no other
\n\tbidder has shown its willingness to increase the offer, the sale of
\n\tthe property in question is confirmed in favour of Eva Group Pvt.
\n\tLtd. on the same terms and conditions as contained in the tender
\n\tdocument.  Subject to the clarification that has been made by the
\n\torder passed by this Court in Company Application No.168\/2010.  Over
\n\tand above this, the auction purchaser is permitted to appoint one
\n\tnominee of his choice prior to the payment of 25% of
\n\tsale-consideration within one month from the date of confirmation of
\n\tsale.\n<\/p>\n
The
\n\tOfficial Liquidator has stated in his report that advertisement
\n\texpenses are incurred by his office to the tune of Rs.15,868\/-.
\n\tTherefore, secured creditor may be directed to reimburse these
\n\texpenses to the Official Liquidator.  As and when further expenses
\n\tare incurred by the Official Liquidator for inviting the claims etc.
\n\tthe amount will be reimbursed by the Secured Creditor and
\n\tappropriate decision be taken in the Sale Committee in this regard.\n<\/p>\n
It
\n\tgoes without saying that while executing the sale document, the
\n\tamounts shall be mentioned separately towards land and building on
\n\tthe one hand and towards furnitures, fixtures, plant, machinery and
\n\tother movable items on the other hand.\n<\/p>\n
The
\n\tOfficial Liquidator is further directed to file further report in
\n\trespect of the claims received by him pursuant to the advertisement
\n\tissued by him on the basis of the directions issued by this Court in
\n\tits order dated 12th July, 2010 passed in Company
\n\tApplication No.168\/2010.\n<\/p>\n
With
\n\tthese directions and observations this report is accordingly
\n\tdisposed of.\n<\/p>\n
(K.A.\n<\/p>\n
\tPUJ, J.)<\/p>\n
Pankaj<\/p>\n
\t\t   \u00a0\u00a0\u00a0<\/p>\n
\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"
Gujarat High Court Kotak vs Official on 27 August, 2010 Author: K.A.Puj,&Nbsp; Gujarat High Court Case Information System Print COMA\/192\/2010 3\/ 5 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY APPLICATION No. 192 of 2010 In COMPANY PETITION No. 18 of 1998 ========================================= KOTAK MAHINDRA BANK LTD – Applicant(s) Versus OFFICIAL LIQUIDATOR OF […]<\/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-252332","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"\nKotak vs Official on 27 August, 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\/kotak-vs-official-on-27-august-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kotak vs Official on 27 August, 2010 - 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