Gujarat High Court
Gujarat Telephone Cables Ltd. (In Liqn) vs Na on 6 December, 2018
Author: R.M.Chhaya
Bench: R.M.Chhaya
C/OLR/126/2018 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 126 of 2018
In
COMPANY PETITION NO. 253 of 2000
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GUJARAT TELEPHONE CABLES LTD. (IN LIQN)
Versus
NA
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Appearance:
MR PATHIK M ACHARYA(3520) for the PETITIONER(s) No. 1
for the RESPONDENT(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE R.M.CHHAYA
Date : 06/12/2018
ORAL ORDER
1. Heard Mr.Pathik M. Acharya, learned counsel for the applicant - Official Liquidator.
2. By way of this report, the Official Liquidator has prayed for the following reliefs:-
"a. This Hon'ble Court may be pleased to permit the Official Liquidator to fix up the upset price & EMD as stated in para - 7 of this report and the Official Liquidator may also be permitted to invite offers for purchase of land of the company as stated in para-7 of this report by publishing advertisement in "Times of India" English script and "Gujarat Samachar", Gujarati script both in all Gujarat editions or such other upset price, EMD and newspapers, as may be considered appropriate by this Hon'ble Court and direct the Official Liquidator to pay the advertisement bill from the funds available in the company's account."
3. Record indicates that this Court vide order dated 12.03.2008 passed in Company Petition No.253 of 2000, the Official Liquidator attached to this Court has been appointed as Liquidator of the Company (in liquidation) named M/s. Page 1 of 5 C/OLR/126/2018 ORDER Gujarat Telephone Cables Ltd., with all powers under the provisions of the Companies Act, 1956. It further reveals that, this Court vide order dated 22.07.2011 passed in O.L.R No.126/2011, constituted a Sale Committee comprising Official Liquidator as Chairman and Registrar of this Court as Member of the Sale Committee. Pursuant to the same, Registrar (Automation) of this Court is the Member of the said Sale Committee. Further, the Official Liquidator has taken possession of the land being Survey No.317/p, Opp. Chharodi Railway Station, at Chharodi, Tal. & Dist. Ahmedabad. It further transpires that, earlier sale of 1,13,612.5 sq.mtrs. Of land of the Company, situated at Chharodi, has been confirmed by this Court vide order dated 30.07.2009 passed in OLR No.92/2008 in favour of M/s. Gujarat Health Care for sale consideration of Rs.11.50 crore. This Court vide order dated 15.04.2010 passed in Company Application No.353/2009 directed the Official Liquidator to get the area of the land, for which the sale is confirmed in favour of M/s. Gujarat Health Care, demarcated by the District Inspector of Land Records and thereafter, to file appropriate report for issuing the advertisement and fixation of upset price etc. for sale of the surplus land. That the DILR vide letter dated 08.06.2010 has submitted a report along with the measurement sheet of the land of the Company in two parts i.e. land which was sold and another which was not sold. It further appears that this Court vide order dated 24.06.2013 passed in OLR No.42/2013 directed the Official Liquidator to take out appropriate report seeking Page 2 of 5 C/OLR/126/2018 ORDER permission to issue advertisement in the newspapers for sale of surplus land of the Company (in liquidation).
4. From the report, it further appears that pursuant to the said order dated 24.06.2013, the Official Liquidator has made two attempts for sale of land of the Company (in liquidation), but no tender was received at the relevant point of time. Thereafter, the Official Liquidator has convened a meeting of the Sale Committee on 15.12.2017 to discuss further course of action for sale of the property of the Company (in liquidation) and as decided in the said Sale Committee, M/s. Multi Engineers, Government Approved Valuer, has submitted a valuation report of the land i.e. Survey No.317/p, Opp. Tata Nano Factory, Sanand GIDC, Gate No.2 at Chharodi, Tal. Sanand, Dist. Ahmedabad. Upon receipt of the valuation report from M/s. Multi Engineers, Govt. Approved Valuer, the Official Liquidator convened a meeting of the sale committee on 11.10.2018 to discuss and decide the further course of action for sale of assets of the Company. In the said meeting, the members of the sale committee have observed that the valuer has valued the land which is as under:
Description Market Value Realizable Distress Value Jantri Value Freehold 9,98,06,700 8,48,35,695/- 6,95,64,690/- 3,13,67,820 industrial land situated at Revenue Survey No.317/p, Opp. Tata Nano Factory, GIDC Industrial Page 3 of 5 C/OLR/126/2018 ORDER Estate, Gate No.2, Opp.
Chharodi Railway Station, at Chharodi, Tal. Sanand, Dist.
Ahmedabad.
5. The members of the Sale Committee discussed the matter in detail. It deserves to be noted that earlier two attempts have been made for sale, but it is failed. Ultimately, the Sale Committee fixed the Upset Price and EMD, which are as under:-
Lot Description Upset Price EMD No. (In Rs.) (in Rs.) I Approx. 47,527 sq.mtrs. Of 8,50,00,000/- 85,00,000/-
Freehold Industrial Land situated at Survey No.317/p, Opp. Tata Nano Factory, GIDC Industrial Estate, Gate No.2, Opp. Chharodi Railway Station, adjoining to M/s. Nami Steel Factory at Chharodi, Tal.
Sanand, Dist. Ahmedabad.
6. Considering the aforesaid, Upset Price as well as EMD fixed by the Sale Committee is proper and appropriate and the same is fixed accordingly.
7. The Official Liquidator shall publish an advertisement for sale of the land of the Company (in liquidation) in "Gujarat Samachar", Gujarati daily and "Times of India", English daily, both in all Gujarat edition.
8. Schedule Programme for sale of the land of the Company (in liquidation) shall be as under:-
Page 4 of 5 C/OLR/126/2018 ORDER
Sr. Particulars Dates
No.
1 Date of Advertisement 18th December, 2018
2 Date of issue of Tender Forms 24th December, 2018
3 Date of inspection of 28th December, 2018
property between 11:30 am to
4:30 pm.
4 Last date of receipt of offer 07th January, 2019
in the office of Official upto 4:00 pm
Liquidator
5 Opening of offer and 16th January, 2019
auction/inter-se bidding in at 11:00 onwards
the Hon'ble High Court of
Gujarat, Sola Road,
Ahmedabad.
With the aforesaid observations and direction, present report is allowed to the aforesaid extent. As far as prayer qua the payment to advertising agency for the advertisement is concerned, the Official Liquidator shall file separate report after receipt of the bill of advertising agency.
(R.M.CHHAYA, J) SUCHIT Page 5 of 5