Bombay High Court
Seepz Sez Authority Through Estate ... vs Core Education And Technologies Ltd. ... on 18 January, 2023
Author: N. J. Jamadar
Bench: N. J. Jamadar
30-IAL5547-2020CP641-2014.DOC
Santosh
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 5547 OF 2020
IN
COMPANY PETITION NO. 641 OF 2014
SEEPZ SEZ Authority ...Applicant
Versus
Core Education and Technologies Ltd.
(under Liquidation) & anr. ...Respondents
In the matter between
Wipro Ltd. ...Petitioner
Versus
Core Education and Technologies Ltd. ...Respondent
Mr. M. S. Bharadwaj, for the Applicant.
Mr. Shanay Shah, for the Respondents/Official Liquidator.
Mr. Shatrughan Chauhan, Dy. Official Liquidator, present.
CORAM: N. J. JAMADAR, J.
DATED : 18th JANUARY, 2023
Oral Order:-
1. SEEPZ SEZ Authority has taken out this interim
application seeking the possession of the premises being Unit
No.403, SEEPZ SEZ, MIDC Area, Andheri (E), Mumbai, which is
in the possession of the Official Liquidator.
2. The said premises was allotted to M/s. Core Education
and Technologies Ltd., respondent No.1, in respect of which a
winding up order came to be passed on 30th October, 2017 in
Company Petition No.641 of 2014 and connected petitions.
1/4
::: Uploaded on - 24/01/2023 ::: Downloaded on - 30/05/2023 07:43:03 :::
30-IAL5547-2020CP641-2014.DOC
3. The applicant claims that the subject premises was
allotted to Company (in liquidation) in accordance with the
terms and conditions incorporated in the allotment letter dated
3rd February, 2010. A Sub-lease Agreement came to be executed
on 30th November, 2011. Pursuant to the winding up order dated
30th October, 2017, the Official Liquidator took possession of the
subject premises on 8th January, 2018.
4. As the Company (in liquidation) committed default in
payment of the amount which fell due in accordance with the
Sub-lease Agreement and the letter of allotment, recovery
proceedings under Section 7 of the Public Premises (Eviction of
Unauthorized Occupants) Act, 1971 have been initiated against
the Company (in liquidation). In the circumstances, SEEPZ is
entitled to resume the possession of the subject premises.
5. From the perusal of the allotment order dated 18 th
January, 2010 and the sub-lease executed on 30th November,
2011, it becomes evident that the applicant had received a
consideration of Rs.3,96,58,200/- as cost of the unit and
various facilities and concessions made available to the sub-
lessee - the Company (in liquidation).
6. The learned Counsel for the applicant, on instructions,
made a statement that as of date a sum of Rs.47,49,022.04 is
2/4
::: Uploaded on - 24/01/2023 ::: Downloaded on - 30/05/2023 07:43:03 :::
30-IAL5547-2020CP641-2014.DOC
due and payable by the Company (in liquidation) to the
applicant. The latter is willing to refund the amount deposited
by the Company (in liquidation) after deducting the said amount
of Rs.47,49,022.04, if the Official Liquidator delivers the
possession of the subject premises.
7. It is imperative to note that the subject premises is
situated in a special economic zone. There is no possibility of
revival of the business of the Company (in liquidation). At best,
the leasehold rights of the Company (in liquidation) in the
subject premises subsist. In the circumstances as the
applicant claims that it is entitled to resume the possession of
the subject premises, the Official Liquidator is agreeable to the
resolution of the dispute by accepting a sum of Rs.3,49,09,177/-
(after deducting the amount of Rs.47,49,023/- towards the dues
of the applicant).
8. In the totality of the circumstances, the said composition
seems to be in the interest of the Creditors and other
stakeholders of the Company (in liquidation) as the leasehold
rights cannot be monetized without the consent of the
applicant.
9. The Court has considered the valuation report in respect
of the movables of which the fare market value is shown
3/4
::: Uploaded on - 24/01/2023 ::: Downloaded on - 30/05/2023 07:43:03 :::
30-IAL5547-2020CP641-2014.DOC
Rs.3,12,500/-. The value of movable assets is thus minuscule in
comparison to the amount to be refunded by the applicant.
10. Hence, the following order.
:ORDER:
The application stands disposed with the following directions:
(a) The applicant shall refund the amount of Rs.3,49,09,177/-, to the Official Liquidator within a period of four weeks.
(b) Within three working days of the receipt of the said amount of Rs.3,49,09,177/-, the Official Liquidator shall hand over the possession of the subject premises, including the movables, on "as is whereas basis", to the applicant.
(c) The Official Liquidator or the Company (in liquidation) shall not be further prosecuted under the Public Premises Eviction Act.
Valuation report is re-sealed.
[N. J. JAMADAR, J.] 4/4 ::: Uploaded on - 24/01/2023 ::: Downloaded on - 30/05/2023 07:43:03 :::