Andhra Pradesh High Court - Amravati
Official Liquidator Of M/S. Esskay ... vs Idbi Bank Limited on 28 November, 2024
APHC010508552024 IN THE HIGH COURT OF ANDHRA
PRADESH
[3311]
AT AMARAVATI
(Special Original Jurisdiction)
THURSDAY, THE TWENTY EIGHTH DAY OF NOVEMBER
TWO THOUSAND AND TWENTY FOUR
PRESENT
THE HONOURABLE MS JUSTICE B S BHANUMATHI
COMPANY APPLICATION NO: 48/2024
Between:
Official Liquidator Of M/s. Esskay Shipping Pvt. Ltd. ...APPELLANT
AND
Idbi Bank Limited ...RESPONDENT
Counsel for the Appellant:
1. T V P SAI VIHARI(SC FOR OFFICIAL LIQUIDATOR)
Counsel for the Respondent:
1.
The Court made the following:
2
BSB, J
Company Appln.48 of 2024 in
C.P.No.201 of 2015
ORDER:
This Company Application has been filed for the following reliefs:
"i) Permit the Official Liquidator to execute the sale deed in favour of Sri J. Saravana Vel, purchaser of Lot No.1, i.e., Office portion of the building at Flat No.9, Third Floor, New Door No.336, Old Door No.166, Thambu Chetty Street, George Town, Parrys, Chennai, Tamilnadu admeasuring 1107 Sft., including common area (Built up area 886 sft. + Common area 221 stf.) with fixtures and furniture (scrapped condition).
ii) Permit the Official Liquidator to execute the sale deed in favour of Sri Darsipudi Viswanadh, purchaser of Lot No.2 i.e., land (old building in dilapidated condition in the said land) to an extent of 261.65 Sq. yds in T.S.No.241, Block No.6, Door No.25-12-49, Ward No.2, Goda vari Ward, Gangula vari Street, Near Vivekananda Seva Samithi, Raja Ramohanroy Road, I Town Area, GVMC, Visakhpatnam, Andhra Pradesh.
iii) Permit the Official Liquidator to execute the sale deed in favour of The Kanaka Mahalakshmi Co-
operative Bank Ltd., purchaser of Lot No.3, i.e., vacant land to an extent of 420 Sq. Yds., covered by Survey No.9/2A1, Ward No.23, MVP Double Road, Sector -11, Near Maruti Suzuki Service Point, MVP Colony, Chinawaltair, GVMC, Visakhapatnam, Andhra Pradesh.
3BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015
iv) Order that the cost of this application do come out of the assets of the company.
v) Pass such further or other order or orders, as this Hon'ble Court may deem fit and proper in the circumstances of the case."
2. Heard the learned Standing Counsel appearing on behalf of the applicant.
3. The averments made in the accompanying affidavit filed in support of the application are briefly as follows.
a) By an order, dated 30.08.2017, made in C.P. No.201 of 2015, M/s. Esskay Shipping Private Limited was ordered to be wound up by the High Court of Judicature at Hyderabad and the Official Liquidator was appointed as Liquidator of the captioned company.
b) The following assets of the company (in liquidation) were handed over by the Authorized Officer of the IDBI Bank to the deputed officials of the office of the Official Liquidator on 16.01.2019, 25.02.2019 & 26.02.2019 and also handed over the copy of the sale deeds of the assets.
4 BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015 Date of taking possession by office Sl. of the Official Description of the property Liquidator from the No. authorized officer of IDBI Bank
Office portion of the building at 3rd floor, No.9 and of Old Door No.336, admeasuring 1107 sft (including 16-01-2019 1 common area), Thambu Chetty Street, George Town, Parrys, Chennai-600 001 with fixtures and furniture etc. Land in an extent of 261.65 Sq. Yrds or 218.76 Sq. Mts in T.S.No.241, Block No.6, Ward No.2, together with a house bearing Door No.25-12-49, 2 Asst. No.1804 located at Gangulawari Street, Godavari Street, within Visakhapatnam Municipal Corporation Area, Visakhapatnam District 25-02-2019 Vacant site to an extent of 420 Sq.
yards covered by Survey No.9/2A1, 3 Chinnawaltair, Visakhapatnam Municipal Corporation, Visakhapatnam District.
Vacant land to an extent of 1500 Sq.
yds in Survey No.188/3A located at Anakapalli Registration, Lankelapalem Sub-Registry office, 4 Desapathrunipalem, under GVMC 26-02-2019 limits, Visakhapatnam vide Document No.2760/2011 (symbolic possession) (C.A.No.22/2022 filed Vacant land to an extent of 1670 Sq. before this Court Yds in Survey No.188/3A located at seeking survey of the Anakapalli Registration, lands. The said Lankelapalem Sub Registry, company application 5 Desapathrunipalem, under GVMC is pending) limits, Visakhapatnam vide Document No.3115/2011 (symbolic possession) 5 BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015 Vacant land to an extent of 1670 Sq.
Yds, in Survey No.188/3A located at Anakapalli Registration, Lankelapalem Sub Registry, 6 Desapathrunipalem, under GVMC limits, Visakhapatnam vide Document No.3116/2011 (symbolic possession) c. This Court, vide order, dated 23.09.2023, made in C.A.No.10 of 2023 allowed the application filed by the Official Liquidator for sale of the assets of the company (in liquidation) in three lots through e-auction on "as is where is and whatever there is" basis by fixing the realizable value as the minimum upset price/Reserve Price and 10% of MUP/Reserve Price as EMD and incremental bid amount which are as follows:
Earnest Incremen
Minimum upset money tal Bid
price deposit amount
Lot No. and description of the (MUP)/Reserv (EMD) Rs.
property e price (10% of
Rs. MUP)
Rs.
Lot No.1: Office portion of the
building at Flat No.9, Third
Floor, New Door No.336, Old
Door No.166, Thambu Chetty
Street, George Town, Parrys,
Chennai, Tamil Nadu 30,00,000/- 3,00,000/- 20,000/-
Admeasuring 1107 Sft.,
including common area
(Built-up area 886 sft. +
Common area 221 sft.) with
fixtures and furniture
(scrapped condition)
6
BSB, J
Company Appln.48 of 2024 in
C.P.No.201 of 2015
Lot No.2: Land (old building 58,87,000/- 5,89,000/- Rs.40,00
in dilapidated condition in the 0/-
said land) to an extent of
261.65 Sq. Yds. in
T.S.No.241, Block No.6, Door
No.25-12-49, Ward No.2,
Godavari Ward, Gangulavari
Street, Near Vivekananda
Seva Samithi, Raja
Ramohanroy Road, 1 Town
Area, GVMC,
Visakhapatnam, Andhra
Pradesh.
Lot No.3: Vacant land to an 3,21,30,000/- 32,13,000 2,00,000/
extent of 420 Sq. Yds., /- -
covered by Survey No.9/2A1,
Ward No.23, MVP Double
Road, Sector 11, Near Maruti
Suzuki Service Point, MVP
Colony, Chinawaltair, GVMC,
Visakhapatnam, Andhra
Pradesh.
d) In compliance of the above orders, the Official Liquidator caused
publication of e-auction sale notice in the newspapers and the e-auction was conducted on 19.01.2024 by M/s. E-Procurement Technologies Ltd. (auction Tiger), an e-Auction service provider.
e) As per the information submitted by M/s. e-Procurement Technologies Limited (Auction Tiger), the following are the highest bidders for each lot:
7BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015 No. Name of the Highest Final bid amount quoted Bidder Lot No.1 J.Saravana Vel 69,00,000/- (Sixty nine lakhs) Lot No.2 Darsipudi Viswanath 97,70,000/-
(Ninety Seven Lakhs
Seventy Thousand)
Lot No.3 The Kanaka Mahalakshmi 4,23,33,300/-
Co-operative Bank Ltd. (For Crore Twenty Three Lakhs Thirty Three thousand Three hundred) Accordingly, C.A.No.1 of 2024 was filed seeking confirmation of sale in favour of 1) Sri J.Saravana Vel for Lot No.1; 2) Sri Darsipudi Viswanadh for Lot No.2; and, 3) The Kanaka Mahalakshmi Co-operative Bank Ltd., for Lot No.3.
f. This Court, vide order, dated 07.02.2024, made in C.A.No.1 of 2024 in C.P.No.201 of 2015 confirmed the sale of Lot No.1 in favour of Sri J.Saravana Vel for a sum of Rs.69,00,000/- (Rupees Sixty Nine Lakhs only), Lot No.2 in favour of Sri Daripudi Viswanadh for a sum of Rs.97,70,000/- (Rupees Ninety Seven Lakhs Seventy Thousand only) and Lot No.3 in favour of The Kanaka Mahalakshmi Co-operative Bank Ltd., for a sum of Rs.4,23,33,300/- (Four Crore Twenty Three Lakh Thirty Three Thousand Three Hundred only). This Court also directed the Official Liquidator to handover possession of the above said property to the auction purchasers for Lot Nos.1 to 3 on receipt of total sale consideration.
8BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015 g. After receiving the entire sale consideration from the purchasers of Lot Nos.1 to 3, in pursuance of the order of this Court, dated 07.02.2024, the Official Liquidator handed over the possession of the property under Lot No.2 to Sri Darsipudi Viswanadh (purchaser of Lot No.2) on 20.05.2024 vide possession memo, dated 20.05.2024, and Lot No.3 to Sri Kudithipudi Syam Kishore, Chief Executive Officer of the Kanaka Mahalakshmi Co-Operative Bank (purchaser of Lot No.3) on 20.05.2024 vide possession memo, dated 20.05.2024. Further, possession of the flat covered under Lot No.1 was handed over to Sri J.Saravana Vel (purchaser of Lot No.1) on 21.05.2024 vide possession memo, dated 21.05.2024.
4. The office of the Official Liquidator received e-mails dated 09.04.2024 and 27.06.2024 from the purchasers of Lot Nos.1 and 2 requesting the Official Liquidator to execute the sale deeds in their favour. A letter, dated 20.05.2024, has also been received from the purchaser of Lot No.3 requesting to execute the sale certificate in their favour.
5. In view of the above facts and circumstances, and the documents filed in support thereof, the application is allowed with the following directions.
9BSB, J Company Appln.48 of 2024 in C.P.No.201 of 2015 "i) The Official Liquidator is permitted to execute the sale deed in favour of Sri J. Saravana Vel, purchaser of Lot No.1, i.e., Office portion of the building at Flat No.9, Third Floor, New Door No.336, Old Door No.166, Thambu Chetty Street, George Town, Parrys, Chennai, Tamilnadu admeasuring 1107 sft., including common area (Built up area 886 sft. + Common area 221 sft.) with fixtures and furniture (scrapped condition).
ii) The Official Liquidator is permitted to execute the sale deed in favour of Sri Darsipudi Viswanadh, purchaser of Lot No.2 i.e., land (old building in dilapidated condition in the said land) to an extent of 261.65 Sq. yds in T.S.No.241, Block No.6, Door No.25-12-49, Ward No.2, Goda vari Ward, Gangula vari Street, Near Vivekananda Seva Samithi, Raja Ramohanroy Road, I Town Area, GVMC, Visakhpatnam, Andhra Pradesh.
iii) The Official Liquidator is also permitted to execute the sale deed in favour of The Kanaka Mahalakshmi Co-operative Bank Ltd., purchaser of Lot No.3, i.e., vacant land to an extent of 420 Sq. Yds., covered by Survey No.9/2A1, Ward No.23, MVP Double Road, Sector -11, Near Maruti Suzuki Service Point, MVP Colony, China Waltair, GVMC, Visakhapatnam, Andhra Pradesh.
iv) The cost of this application do come out of the assets of the company.
___________________ B. S. BHANUMATHI, J Dt.28.11.2024 RAR