Ol Of Bhagwati Glass Containers Ltd. (In ... vs Giic on 27 September, 2021

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Gujarat High Court

Ol Of Bhagwati Glass Containers Ltd. (In ... vs Giic on 27 September, 2021

Bench: Bhargav D. Karia

      C/OLR/113/2021                                    ORDER DATED: 27/09/2021




            IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

             R/OFFICIAL LIQUDATOR REPORT NO. 113 of 2021
                                 In
                  R/COMPANY PETITION NO. 334 of 1997

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          OL OF BHAGWATI GLASS CONTAINERS LTD. (IN LIQN)
                             Versus
                              GIIC
================================================================
Appearance:
MR JEET J BHATT(6154) for the Applicant(s) No. 1
MR RD DAVE(264) for the Respondent(s) No. 2
MS MEGHA JANI(1028) for the Respondent(s) No. 1
NOTICE SERVED(4) for the Respondent(s) No. 3
================================================================

 CORAM:HONOURABLE MR. JUSTICE BHARGAV D. KARIA

                                  Date : 27/09/2021

                                   ORAL ORDER

Heard learned Official Liquidator Mr.R.C.Mishra and learned advocate Mr.Jeet Bhatt for the applicant and learned advocate Mr.R.D.Dave for the respondent No.2.

1. This is an Official Liquidator Report No.113 of 2021. By this Report, learned Official Liquidator Mr.R.C.Mishra attached to this Court as Liquidator of M/s. Bhagwati Glass Containers Ltd. (Company in liquidation) has prayed as under:

"(a) In view of facts stated here-in-above, this Hon'ble Court may be pleased to permit the Official Liquidator to invite claims from workers , secured Page 1 of 5 Downloaded on : Sun Jan 16 18:43:53 IST 2022 C/OLR/113/2021 ORDER DATED: 27/09/2021 creditors & preferential creditors of the company in liquidation under Section 529, 529A & 530 of the Companies Act, 1956 by way publishing advertisement in Newspapers namely "Economic Times", English Script, and in "Gujarat Samachar", Gujarati Script, both in Ahmedabad Edition or may be pleased to decide any such News papers as this Hon'ble Court may consider deem fit and proper for inviting claims;

(b) That, this Hon'ble Court may be pleased to permit the Official Liquidator to webcast the notice of the invitation of claims on the website of the Hon'ble High Court of Gujarat as well as on the website of the Ministry of Corporate Affairs;

(c) This Hon'ble Court may be pleased to permit the Official Liquidator to appoint Chartered Accountant from the panel maintained by the Official Liquidator for verification and adjudication of claims as well as working out inter-se ratio amongst the creditors of the company in liquidation and also be pleased to direct the Official Liquidator to place the report of the Chartered Accountant before this Hon'ble Court by way of filing fresh report for further direction in the matter;

(d) This Hon'ble Court may be pleased to permit the Official Liquidator to make payment of advertising charges as well as professional fees of Chartered Accountants on receipt of their bill from the Account of the Company in liquidation being liquidation expenses;

(e) Such other and further orders and directions as this Hon'ble court may deem, just and proper in the matter may also be passed."

2.1. The Company in liquidation was ordered to be wound up by order dated 11th January, 2011 passed by this Court in Company Petition No.334 of 1997. The Official Liquidator is discharging his duties and functions as Liquidator of Company in liquidation since then.

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C/OLR/113/2021 ORDER DATED: 27/09/2021 2.2. In compliance of the winding up order, the Official Liquidator in presence of the Officers of GIIC and Bank of Baroda had taken possession of the Registered Office cum Factory premises of the Company in liquidation situated at Block No.222, Village: Vadavswami, Taluka: Kadi, Disctrict: Gandhinagar on 10th February, 2011. Thereafter, Asset Sale Committee for sale was constituted as per the order passed by this Court on 17th August, 2011 in Official Liquidator Report No.20 of 2011.

2.3. After following the procedures as per Section 457 of the Companies Act, 1956 read with Rule 272 and 273 of the Companies (Court) Rules, 1959, the Official Liquidator sold Movable Assets for Rs.20,10,000/- as per the order dated 21st June, 2013 passed in Official Liquidator Report No.54 of 2013 and Immovable Property comprising Land along with Building Structure for Rs.3,85,00,000/- as per order dated 5th January, 2021 passed in Official Liquidator Report No.179 of 2019.

2.4. As per Rule 148(1) of the Companies (Court) Rules, 1959 claim from secured creditors, workmen and preferential creditors of the Company in liquidation are required to be called for and for that purpose, Chartered Accountants are also Page 3 of 5 Downloaded on : Sun Jan 16 18:43:53 IST 2022 C/OLR/113/2021 ORDER DATED: 27/09/2021 required to be appointed for verification and adjudication of the claim under Section 529, 529A and 530 of the Companies Act, 1956.

3. In view of the above facts, the Official Liquidator is permitted to invite the claims from workers, secured creditors and preferential creditors of the Company in liquidation under Sections 529, 529A and 530 of the Companies Act, 1956 by way publishing advertisement in Newspapers namely "Economic Times", English Script and in "Gujarat Samachar", Gujarati Script, Ahmedabad Edition. The Official Liquidator is also permitted to publish the notice of invitation of claims on the website of the High Court of Gujarat as well as on the website of Ministry of Corporate Affairs.

4. The appointment of the Chartered Accountant is deferred at present as the panel maintained by the Official Liquidator is to be revised in view of the order passed by this Court in Official Liquidator Report No.54 of 2013 and Official Liquidator Report No.179 of 2019.

5. As and when the new panel is formed, appointment of the Chartered Accountant will be considered by this Court.

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C/OLR/113/2021 ORDER DATED: 27/09/2021

6. The Official Liquidator is also permitted to make the payment of advertising charges as per the bills received from the advertising agencies after proper verification and after getting the order passed by this Court at the relevant point of time.

7. In view of the aforesaid directions, the Official Liquidator Report No.113 of 2021 is accordingly disposed of. Notice is discharged.

(BHARGAV D. KARIA, J) PALAK Page 5 of 5 Downloaded on : Sun Jan 16 18:43:53 IST 2022

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