Madhya Pradesh High Court
M/S.J.C.Mills Ltd. vs B.I.F.R. on 15 March, 2024
Author: Milind Ramesh Phadke
Bench: Milind Ramesh Phadke
1
IN THE HIGH COURT OF MADHYA PRADESH
AT GWALIOR
COMP No. 4 of 1997
(M/S.J.C.MILLS LTD. Vs B.I.F.R. AND OTHERS)
Dated : 15-03-2024
Shri Saumyadeep Dwivedi, learned counsel for petitioner.
Shri K.N. Gupta with Shri Kunal Suryavanshi and Shri Rinku Shakya,
learned counsel for respondent No.1/Official Liquidator.
Shri Subedar Singh Chauhan - Advocate for respondent no. 2. Shri A.K. Nirankari, learned Government Advocate for respondent/State.
Shri A.K. Jain, learned counsel appearing on behalf of the employees of the J.C. Mill/Union.
Shri R.K. Goyal, learned counsel for Employees Provident Fund Organization.
Heard on I.A. No.4636/2016, which is an application filed on behalf of workers of the Company (in Liquidation) stating that they have been left out from payment towards pension, therefore, their case be considered by EPF Department and in that regard directions may be issued.
On the last date of hearing it was directed that copy of the said application be supplied to Shri R.K. Goyal, Advocate, who usually appears for EPF Department but today Shri Goyal has submitted that he has not received the copy of the same.
Shri A.K. Jain, learned counsel is directed to supply copy of the aforesaid IA to Shri R.K. Goyal during the course of the day, who in turn, shall submit his reply before the next date of hearing.
Also heard on I.A. No.818/2024, which is an application filed on behalf Signature Not Verified Signed by: NEETU SHASHANK Signing time: 3/15/2024 6:45:03 PM 2 of a Union of the company for intervention in the present petition.
Shri K.N. Gupta, learned senior counsel alongwith Shri Kunal Suryavanshi and Shri Rinku Shakya, learned counsel for respondent No.1/Official Liquidator prays for time to file response to the aforesaid IA.
As prayed, three weeks' time is granted for the same. Vide order dated 11.12.2023, time was granted to the State to prepare detailed field map of the land concerning the company liquidation and submit before this Court.
Shri A.K. Nirankari, learned Govt. Advocate appears on behalf of State submits that a report has been prepared in that regard, and has been submitted on 20.02.2024.
Let copy of the aforesaid report be supplied to Shri K.N. Gupta, learned senior counsel alongwith Shri Kunal Suryavanshi and Shri Rinku Shakya, learned counsel for respondent No.1/Official Liquidator. On or before the next date of hearing, he may file his objections, if any, to the aforesaid report.
Also heard on I.L.R. No.1/2023 filed on 27.03.2023 by the Official Liquidator, whereby permission had been sought from this Court for selling of the shares of the ICICI Bank and Digjam Ltd. respectively, which are kept in dematerialized form with Stock Holding Corporation of India and the value thereof at the time of filing of the application were Rs.1,40,74,087.50p & Rs.92.70p respectively.
The counsel appearing for the Official Liquidator while placing reliance on Rule 273 of the Company Court Fees, 1959 submits that the said sale can be effected through an agent or an auctioneer approved by the Court with other terms and conditions, if any, as may be approved by this Court through public Signature Not Verified auction or by inviting sealed tenders or in such manner as the Court thinks fit Signed by: NEETU SHASHANK Signing time: 3/15/2024 6:45:03 PM 3 and for that requisite permission is required.
As there is no objection with regard to the aforesaid sale of the shares, which admittedly are the assets of the company, this Court directs the Official Liquidator to provide list of agent or auctioneer, as is practical with details of the expenses to be incurred for such sale on or before the next date of hearing.
List the matter in the week commencing 22nd April, 2024.
MILIND RAMESH PHADKE) JUDGE neetu Signature Not Verified Signed by: NEETU SHASHANK Signing time: 3/15/2024 6:45:03 PM