Delhi High Court - Orders
Re-Hoffland Finance Ltd vs Hoffland Remedies Ltd on 19 April, 2023
Author: Sanjeev Narula
Bench: Sanjeev Narula
$~CP-1 to 4 & 22
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 351/1999
RE-HOFFLAND FINANCE LTD. ..... Petitioner
+ CO.PET. 509/2011
RE-BHARTENDU INVESTMENT & FINANCIAL SERVICES PVT
LTD ..... Petitioner
+ CO.PET. 737/2015
HOFFLAND FINANCE LIMITED (IN LIQN.) ..... Petitioner
versus
HOFFLAND REMEDIES LTD. ..... Respondent
+ CO.PET. 738/2015
HOFFLAND FINANCE LIMITED (IN LIQN.) ..... Petitioner
versus
HOFFLAND ENGINEERS LIMITED ..... Respondent
+ CRL.O.(CO.) 2/2015
M/S BHARTENDU INVESTMENT & FINANCIAL SERVICES
PVT. LTD. ..... Petitioner
versus
SH. NAVIN CHANDRA PANDEY & ANR. ..... Respondents
Appearances: Ms. Ruchi Sindhwani, Senior Standing Counsel
with Ms. Megha Bharara, Advocate for OL.
Mr. Sanjeev Ralli, Senior Advocate with Mr.
Piyush M. Dwivedi, Mr. Shubham Yadav, Mr.
Ravi Kant Yadav and Mr. Chetanya Baneta,
Advocates for Court Appointed Committee.
Mr. Ramesh Babu and Ms. Manisha Singh,
Signature Not Verified
Digitally Signed
By:NITIN KAIN CO.PET. 351/1999 & connected matters Page 1 of 4
Signing Date:22.04.2023
16:09:43
Advocates for RBI.
CORAM:
HON'BLE MR. JUSTICE SANJEEV NARULA
ORDER
% 19.04.2023 CO.APPL. 230/2023 in CO.PET. 351/1999 (on behalf of Official Liquidator, u/Rule 9 of the Companies (Court) Rules, 1959)
1. Previous attempts to sell Company's land situated at Village Khekra, District Bagpat, UP, outside the factory premises of Goga Foods Limited [hereinafter, "the Land"], through auction have been unsuccessful as no bids were received.
2. Considering the same, Official Liquidator ['OL'] seeks to conduct another auction for the Land at a reduced reserved price. In addition, permission is sought to expend payments to the valuer.
3. Considering the averments made in the application, the same is allowed with following directions:
(i) OL is permitted to disburse an amount of Rs. 47,200/- towards the bill raised by Mr. Sachin Goel, Valuer.
(ii) OL is permitted to reduce the reserve price of the Land by 10%.
(iii) Sale/E-auction be conducted through M/s Railtel Corporation Limited (e-Auction Agency).
(iv) E-auction sale notice and terms and conditions of Sale of the Land [Annexure-B] are approved.
(v) The sale notice shall be published in the UP editions of 'Times of India' (English) and 'Dainik Jagran' (Hindi) newspapers, as per DAVP rate or the Signature Not Verified Digitally Signed By:NITIN KAIN CO.PET. 351/1999 & connected matters Page 2 of 4 Signing Date:22.04.2023 16:09:43 lowest quotation received from empanelled agencies of OL.
(vi) Expenses for publication be borne out of the funds of Company (In Liqn.).
5. The application is disposed of.
OLR 39/2023 in CO.PET. 351/1999
6. Pursuant to the report received from the Chartered Accountant, the OL has prepared the instant report qua status of claims, which is set out in paragraph No. 6. It emerges that 25 claims1 have not been scrutinised as there were minor issues therewith and OL has been suggested to issue clarification letters to the said claimants.
7. Claims mentioned in Annexures A-2, 3, 4, 6 and Annexures B-1 and 6 in the Chartered Accountant's e-mail communication, have been rejected but no final rejection letters have been issued.
8. As regards 79 claims mentioned in Annexure A-3, Mr. Sanjeev Ralli, Senior Counsel for Court Appointed Committee, points out that the only deficiency pertains to non-filing of Form 66 with original documents. On this aspect, he draws the Court's attention to the Committee's suggestion contained in their report dated 15th February, 2023 that it would be appropriate to issue an intimation of deficiency to the claimants before final rejection.
9. Considering the above, the Chartered Accountant is directed to issue a communication to the above effect to the concerned claimants, as suggested by the Committee, before issuing final rejection letter.
10. The report is taken on record and disposed of with the above 1 Mentioned in Annexure A-5 of Chartered Accountant's e-mail communication dated 28th December, 2022 Signature Not Verified Digitally Signed By:NITIN KAIN CO.PET. 351/1999 & connected matters Page 3 of 4 Signing Date:22.04.2023 16:09:43 direction.
OLR 40/2023 in CO.PET. 509/2011
11. OL's attempt to sell Unit No. R-417, 4th Floor, Rotunda Building, alongside P J Tower, (BSE Tower), Dalal Street, Fort, Mumbai could not proceed in view of the intimation letter dated 19th January, 2023 received from Bombay Stock Exchange Ltd.
12. The report to that effect is taken on record.
13. OLR is disposed of.
CO.PET. 351/1999, CO.PET. 509/2011, CO.PET. 737/2015, CO.PET. 738/2015, CRL.O.(CO.) 2/2015
14. List on 23rd August, 2023.
SANJEEV NARULA, J APRIL 19, 2023 as Signature Not Verified Digitally Signed By:NITIN KAIN CO.PET. 351/1999 & connected matters Page 4 of 4 Signing Date:22.04.2023 16:09:43