Calcutta High Court
West Bengal Financial Corporation vs Official Liquidator on 29 April, 2011
Author: I. P. Mukerji
Bench: I. P. Mukerji
CA No. 436 of 2011
CP 285 of 2001
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
IN THE MATTER OF:
WEST BENGAL FINANCIAL CORPORATION
Versus
OFFICIAL LIQUIDATOR, HIGH COURT, CALCUTTA
BEFORE:
The Hon'ble JUSTICE I. P. MUKERJI
Date : 29th April, 2011.
Mr. A.K. Dhandhania, Mr. A.K. Sur...for WBFC.
Mr. K. Anand Rao...for Official Liquidator.
The Court : Pursuant to direction given in this behalf by this Court the West Bengal Financial Corporation published advertisement in three newspapers, Business Standard on 12th March, 2010, Bartaman and Sanmarg on 13th March, 2010 for sale of the land and building of the Company [In Liquidation]. On 4th February, 2011 only one offer from M/s. Arya Software Services Ltd. for Rs.60 lacs, was received. Thereafter, the intending purchaser raised the offer to Rs.61,55,000/-.
This is substantially less than the valuation, which is a little over Rs.71 lacs. It is submitted on behalf of the West Bengal Financial Corporation that several efforts have been made by them to sell the property at the valuation price but they have been unsuccessful. Rs.61,55,000/- is the price that can be obtained. 2
In that view of the matter, I accept the said offer of M/s. Arya Software Services Ltd. for Rs.61,55,000/-, subject to their paying the entire consideration within a period of 30 days from date.
In default, the West Bengal Financial Corporation or the Official Liquidator will be at liberty to apply for appropriate orders. The West Bengal Financial Corporation should keep the Official Liquidator informed as to whether the price has been paid or not. The sale proceed should be kept by the West Bengal Financial Corporation in a separate interest bearing account till further orders of this Court.
This letter is, accordingly, disposed of.
All parties concerned are to act on a signed photocopy of this order on the usual undertakings.
(I. P. MUKERJI, J.) pkd. Asstt.Registrar[C.R.]