{"id":27238,"date":"2010-07-23T00:00:00","date_gmt":"2010-07-22T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/o-vs-canara-on-23-july-2010"},"modified":"2016-11-15T21:44:43","modified_gmt":"2016-11-15T16:14:43","slug":"o-vs-canara-on-23-july-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/o-vs-canara-on-23-july-2010","title":{"rendered":"O vs Canara on 23 July, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">O vs Canara on 23 July, 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\n\n \n\n\n\t \n\nOLR\/120\/2009\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\nOFFICIAL\nLIQUDATOR REPORT No. 120 of 2009\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 480 of 2008\n \n\nIn\n\n\n \n\nCOMPANY\nPETITION No. 214 of 1998\n \n\n \n \n=========================================================\n\n \n\nO\nL OF M\/S HAMCO MINING AND SMELTING LTD (IN LIQUIDATION) -\nApplicant(s)\n \n\nVersus\n \n\nCANARA\nBANK &amp; 16 - Respondent(s)\n \n\n=========================================================\n \nAppearance\n: \nOFFICIAL\nLIQUIDATOR for\nApplicant(s) : 1,MS AMEE YAJNIK for Applicant(s) : 1, \nNOTICE\nSERVED for Respondent(s) : 1,3 - 7,11 - 16. \nNOTICE UNSERVED for\nRespondent(s) : 2, 8, \nMR SANDEEP N BHATT for Respondent(s) : 9, \nMS\nPJ DAVAWALA for Respondent(s) : 10, \n- for Respondent(s) : 0.0.0\n \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: 23\/07\/2010  \n \nORAL ORDER<\/pre>\n<p>\tThe Official Liquidator<br \/>\n\thas filed this report seeking permission of this Court to relieve<br \/>\n\tthe security agency engaged by the Official Liquidator from all the<br \/>\n\tunits of the Company immediately and the Banks and financial<br \/>\n\tinstitutions who claim to be secured creditors of the Company may be<br \/>\n\tdirected to deploy any security agency from their panel for<br \/>\n\tpreservation and protection of the assets of the Company under the<br \/>\n\tsupervision of the Official Liquidator. The Official Liquidator has<br \/>\n\talso prayed for the direction to deposit with the Official<br \/>\n\tLiquidator funds in equal proportion towards the expenses already<br \/>\n\tincurred by the Official Liquidator on security arrangement. The<br \/>\n\tOfficial Liquidator has further prayed for the direction to the<br \/>\n\tBanks and financial institution to furnish to the Official<br \/>\n\tLiquidator the title documents of the land of the Company so as to<br \/>\n\tenable the sale committee to put on sale the assets of the Company.\n<\/p>\n<p>\tThis Court has issued<br \/>\n\tnotice on 22.9.2009. Notice was duly served on respondent Nos.1, 3,<br \/>\n\t7, 11 and 16, still nobody appears on behalf of these respondents.<br \/>\n\tMr.Sandeep Bhatt, learned advocate appears on behalf of respondent<br \/>\n\tNo.9 i.e. G.S.F.C. and Ms.P.J.Davawala, learned advocate appears on<br \/>\n\tbehalf of SICOM Ltd. No one is present when the matter is called<br \/>\n\tout. Notice remains unserved so far as respondent Nos.2 and 8 are<br \/>\n\tconcerned. The respondent No.2 is Federal Bank Ltd., Mumbai and<br \/>\n\trespondent No.8 is Dena Bank, Mumbai. The respondent No.17 is<br \/>\n\tM\/s.Nariman Point Chemicals Industries Ltd., who has separately<br \/>\n\tfiled Company Application No.140 of 2010 and Mr.Sureshkumar Ravi,<br \/>\n\tlearned advocate appears on behalf of the said respondent.  More<br \/>\n\tthan 10 months have passed and still the respondents who are secured<br \/>\n\tcreditors have not taken any step to respond to the notice issued by<br \/>\n\tthe Court. They have also not furnished any title to the property<br \/>\n\tover which they are claiming their charge. In this view of the<br \/>\n\tmatter, the Court directs the Official Liquidator to intimate all<br \/>\n\tthese secured creditors by writing a separate letter intimating them<br \/>\n\tthat the matter is fixed by the Court on 10.8.2010 and further<br \/>\n\tmaking it clear in the said letter that whatever documents they are<br \/>\n\thaving they should furnish immediately to the Official Liquidator<br \/>\n\tand making their submission before the Court, failing which their<br \/>\n\tclaim would not be entertained. Despite this letter if no one<br \/>\n\tappears on behalf of the respondent   secured creditors, the Court<br \/>\n\twould take very adverse view in the matter and if necessary, summons<br \/>\n\twill be issued on them securing the presence of managerial persons<br \/>\n\tbefore the Court.\n<\/p>\n<p>\tMs.Amee Yajnik, learned<br \/>\n\tadvocate appearing for the Official Liquidator has submitted that<br \/>\n\tthough there are various properties, the Official Liquidator is not<br \/>\n\ta position to go on with the sale of these properties in absence of<br \/>\n\tany support from the secured creditors. The properties are<br \/>\n\tdeteriorating day-by-day and<br \/>\n\thence it is in the interest of all that the properties are put for<br \/>\n\tsale. The Official Liquidator is, therefore, directed to proceed<br \/>\n\twith the sale of the properties by inviting offers through public<br \/>\n\tadvertisement and also after obtaining the valuation report, if not<br \/>\n\tobtained. The Official Liquidator is permitted to initiate the sale<br \/>\n\tproceeding in respect of the properties which are situated in<br \/>\n\tGujarat and Dadranagar Haveli as indicated by him in his report<br \/>\n\tdated 17.6.2010.  The Official Liquidator is further permitted to<br \/>\n\tincur expenses from the common funds maintained by him, if there is<br \/>\n\tno balance in the Company&#8217;s Account.\n<\/p>\n<p>         S.O. to<br \/>\n10.8.2010.\n<\/p>\n<p>\t\t\t\t\t\t\t     (K. A. PUJ,<br \/>\nJ.)<\/p>\n<p>kks<\/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 Canara on 23 July, 2010 Author: K.A.Puj,&amp;Nbsp; Gujarat High Court Case Information System Print OLR\/120\/2009 3\/ 5 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD OFFICIAL LIQUDATOR REPORT No. 120 of 2009 In COMPANY APPLICATION No. 480 of 2008 In COMPANY PETITION No. 214 of 1998 ========================================================= O L [&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-27238","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>O vs Canara on 23 July, 2010 - Free Judgements of Supreme Court &amp; 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