{"id":255820,"date":"2010-10-08T00:00:00","date_gmt":"2010-10-07T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/official-vs-canara-on-8-october-2010"},"modified":"2015-05-28T09:58:56","modified_gmt":"2015-05-28T04:28:56","slug":"official-vs-canara-on-8-october-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/official-vs-canara-on-8-october-2010","title":{"rendered":"Official vs Canara on 8 October, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Official vs Canara on 8 October, 2010<\/div>\n<div class=\"doc_author\">Author: K.A.Puj,&amp;Nbsp;<\/div>\n<pre id=\"pre_1\">   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\/83\/2010\t 1\/ 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\nOFFICIAL\nLIQUDATOR REPORT No. 83 of 2010\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 531 of 2008\n \n\nIn\nCOMPANY PETITION No. 252 of 1998\n \n\n \n \n=========================================\n\n\n \n\nOFFICIAL\nLIQUIDATOR OF M\/S GUJARAT POLYWEAVE LTD ( IN LIQN.) - Applicant(s)\n \n\nVersus\n \n\nCANARA\nBANK &amp; 3 - Respondent(s)\n \n\n=========================================\n \nAppearance : \nMR\nJS YADAV for the Applicant. \nNOTICE NOT RECD BACK for Respondent(s)\n: 1 - 2. \nMR DS VASAVADA for Respondent no.3. \nMR MB GANDHI and\nMR CHINMAY M GANDHI for Respondent\nno.4. \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 \n\n \n\n \n\t\t\t\t\tORAL\nORDER<\/pre>\n<p id=\"p_1\">\t\tThe<br \/>\nOfficial Liquidator has filed this report seeking certain directions<br \/>\nto ratify his action, for appointing security guards, to issue<br \/>\ndirections to the secured creditors to deposit proportionate costs to<br \/>\nbe incurred by the Official Liquidator for protection of the assets<br \/>\nof the company in liquidation and to fix up upset price as well as<br \/>\nearnest money deposit for the sale of assets of the company and for<br \/>\nissuance of advertisement in the newspaper etc.<\/p>\n<p id=\"p_1\">2.\t\tThis<br \/>\nCourt has passed an order on 16th August, 2010 granting prayer with<br \/>\nregard to fixing of upset price and earnest money deposit for the<br \/>\nsale of assets of the company. The Court has also accepted suggestion<br \/>\nof the Official Liquidator for issuance of public advertisement<br \/>\ninviting offers in sealed covers and accordingly sale was directed to<br \/>\nbe held in the Court on 3rd September, 2009. On 3rd September, 2010,<br \/>\nthe Court has observed in its order that pursuant to the<br \/>\nadvertisement, two offers were received, one of M\/s. Riddhi Siddhi<br \/>\nEnterprises and other of M\/s. Maa Trdelink Pvt.Ltd. After inter se<br \/>\nbidding in the Court, the offer of M\/s. Riddhi Siddhi Enterprises for<br \/>\nRs. 7,85,00,000\/- was the highest one. However, it was not considered<br \/>\nto be adequate by the Court and hence the Court has directed the<br \/>\nOfficial Liquidator to publish a short advertisement.\n<\/p>\n<p id=\"p_2\">3.\t\tPursuant<br \/>\nto the said order, the Official Liquidator has issued  advertisement<br \/>\nin two papers, one in Indian Express (English) and another in Sandesh<br \/>\n(Gujarati) newspaper. However, no offer was received pursuant to the<br \/>\nsaid advertisement.\n<\/p>\n<p id=\"p_3\">4.\t\tIn<br \/>\nthe above view of the matter, the offer made by M\/s. Riddhi Siddhi<br \/>\nEnterprises  for Rs. 7.85 crores is taken up for consideration. The<br \/>\nrepresentatives of secured creditors namely Canara Bank as well as<br \/>\nJ.M.Financial Assets Reconstruction Co.Pvt.Ltd. are present and they<br \/>\nhave no objection if the sale is confirmed in favour of M\/s. Riddhi<br \/>\nSiddhi Enterprises for Rs. 7.85 crores. Accordingly, the sale of<br \/>\nassets of the company in liquidation which inter alia include<br \/>\npermanent leasehold with GIDC, Industrial Land of Revenue Survey No.<br \/>\n456\/P of Umaravada and 341\/P, 342 of Bakrol village, Plot no. 202\/P,<br \/>\nN.H.No. 8-B, Main road, Panoli GIDC Estate, Panoli,Ta: Ankleshwar,<br \/>\nDist: Bharuch admeasuring 37,472.13 sq.mtrs. building structures and<br \/>\nfurniture and fixtures  as well as plant and machinery and other<br \/>\nmovables (except record), is confirmed, as per the terms of the<br \/>\ntender document subject to the following modifications.\n<\/p>\n<p id=\"p_4\">(i)<br \/>\n The auction purchaser is permitted to appoint one nominee of its<br \/>\nchoice. However, the nominee shall be appointed within one month from<br \/>\nthe date of confirmation of sale.\n<\/p>\n<p id=\"p_5\">(ii)<br \/>\n The auction purchaser shall not be held liable for the dues of the<br \/>\ncompany in liquidation pertaining to pre-liquidation period. Though<br \/>\nit is specifically mentioned in clause 14 of the tender document,<br \/>\nonly with a view to avoid any future controversy, it is specifically<br \/>\nstated in the order.\n<\/p>\n<p id=\"p_6\">(iii)<br \/>\nThe Official Liquidator shall hand over the possession of the assets<br \/>\nin question only after receipt of the entire sale consideration and<br \/>\nthe sale deed shall be executed within one month from the date of<br \/>\nreceipt of the entire sale consideration.\n<\/p>\n<p id=\"p_7\">(iv)<br \/>\n The secured creditors are directed to hand over the documents<br \/>\nrelating to the property so that the Official Liquidator can hand<br \/>\nover such documents to the auction purchaser and\/or its nominee.\n<\/p>\n<p id=\"p_8\">\t\tSo<br \/>\nfar as other prayers made by the Official Liquidator in the present<br \/>\nreport are concerned, his prayer for ratifying  the appointment of<br \/>\nsecurity guards is hereby granted. Since the sale is already<br \/>\nconfirmed in favour of the auction purchaser and the Official<br \/>\nLiquidator is going to receive the amount of sale consideration,<br \/>\nthere is no need to issue any direction to the secured creditors for<br \/>\nmaking proportionate payment to meet with the expenses to be incurred<br \/>\nby him.\n<\/p>\n<p id=\"p_9\">5.\t\tThe<br \/>\nOfficial Liquidator is permitted to make payment to the advertising<br \/>\nagency as indicated by him in his report dated 1st September, 2010 as<br \/>\nwell as 28th September, 2010.\n<\/p>\n<p id=\"p_10\">6.\t\tEarnest<br \/>\nmoney deposit of unsuccessful bidders shall be refunded within one<br \/>\nweek from today.\n<\/p>\n<p id=\"p_11\">7.\t\tSince<br \/>\nno other prayer remains in this Official Liquidator, the same is<br \/>\naccordingly disposed of.\n<\/p>\n<p id=\"p_12\">                      (K.A.PUJ,J)<\/p>\n<p>***vcdarji<\/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 Canara on 8 October, 2010 Author: K.A.Puj,&amp;Nbsp; Gujarat High Court Case Information System Print OLR\/83\/2010 1\/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD OFFICIAL LIQUDATOR REPORT No. 83 of 2010 In COMPANY APPLICATION No. 531 of 2008 In COMPANY PETITION No. 252 of 1998 ========================================= 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-255820","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>Official vs Canara on 8 October, 2010 - Free Judgements of Supreme Court &amp; 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\/official-vs-canara-on-8-october-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Official vs Canara on 8 October, 2010 - Free Judgements of Supreme Court &amp; 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