Gujarat High Court
Oficial Liquidator Of The Commercial ... vs State Bank Of India (Sbi) & 5 on 11 August, 2016
Author: R.M.Chhaya
Bench: R.M.Chhaya
O/OLR/46/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL LIQUDATOR REPORT NO. 46 of 2016
In
OFFICIAL LIQUDATOR REPORT NO. 11 of 2016
In
COMPANY PETITION NO. 117 of 1989
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OFICIAL LIQUIDATOR OF THE COMMERCIAL AHMEDABAD MILLS LTD (IN
LIQN.)....Applicant(s)
Versus
STATE BANK OF INDIA (SBI) & 5....Respondent(s)
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Appearance:
MR JS YADAV, ADVOCATE for the Applicant(s) No. 1
OFFICIAL LIQUIDATOR for the PETITIONER(s) No. 1
MR PRANAV G DESAI, ADVOCATE for the respondent no.1
MR BHARAT JANI, ADVOCATE for the respondent nos.2 and 5
MR NAVIN K PAHWA, ADVOCATE for the respondent no.3
MR ANIP GANDHI, ADVOCATE for the respondent no.4
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CORAM: HONOURABLE MR.JUSTICE R.M.CHHAYA
Date : 11/08/2016
ORAL ORDER
1. Heard Mr. J.S. Yadav, learned advocate for the Official Liquidator, Mr. Pranav G. Desai, learned advocate for respondent no.1, Mr. Bharat Jani, learned advocate for respondent nos.2 and 5, Mr. Navin K. Pahwa, learned advocate for respondent no.3 and Mr. Anip Gandhi, learned advocate for respondent no.4.
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O/OLR/46/2016 ORDER
2. By this summons, the Official Liquidator has prayed for the following reliefs: "a. This Hon'ble Court may be pleased to fixup the upset price and EMD for FreeHold Land admeasures 22,385 Sq. Yards situated at Survey No.41, T.P. Scheme No.14, F.P. No.24, Dariyapur Kazipur, Ahmedabad as per fresh supplementary valuation report dated 27.05.2016 of M/s. Concrete Consultancy, Government approved valuer as mentioned in para4 of this report, or such other upset price and EMD, as may be considered appropriate by the Hon'ble Court.
b. This Hon'ble Court also be pleased to direct the Official Liquidator to issue advertisement in newspapers namely "Gujarat Samachar" in all editions of State of Gujarat in Gujarati Script and "Times of India"
in Ahmedabad Edition in English Script for inviting offers for sale of Free Hold Land admeasures 22,385 Sq. Yards situated at Survey No.41, T.P. Scheme No.14, F.P. No.24, Dariyapur Kazipur, Ahmedabad.
c. This Hon'ble Court may be pleased to permit the Official Liquidator to incur the all the Miscellaneous Expenses of Windingup i.e. Security/Valuation/Advertisement charges etc. from the fund available with the office of Official Liquidator i.e. Common Pool Account, and that the same will be reimbursed on priority basis from the Sale Proceeds.
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d. ... ... ..."
3. The Company was ordered to be wound up vide order passed in Company Petition no.117 of 1989. The Official Liquidator attached to this Court was appointed as Official Liquidator of the Company in liquidation. The Official Liquidator thereafter has taken over possession of assets, both movable and immovable of the Company in liquidation. The present report relates to immovable property of the Company in liquidation situated at survey no.41, Town Planning Scheme no.14, Final Plot no.24, Dariyapur Kazipur, Ahmedabad admeasuring 22,385 sq. yards which according to the report is a freehold land.
4. Suffice it to note that by an order dated
28.3.2016 passed by this Court (Coram: Smt. Abhilasha Kumari, J.) in Official Liquidator Report no.11 of 2016, it is observed thus: "3 It is submitted by Mr. J S Yadav, learned advocate for the Official Liquidator, that by an order dated 08.01.2016, passed by this Court in O.L.R. No. 132 of 2015, this Court had fixed up the scheduled programme of the sale of the properties of M/s. The Commercial Ahmedabad Mills Page 3 of 8 HC-NIC Page 3 of 8 Created On Fri Aug 12 03:16:52 IST 2016 O/OLR/46/2016 ORDER Limited., (the Company in Liquidation). Pursuant thereto, the Official Liquidator invited offers for the purchase of assets of the company in liquidation by fixing Lot No.1. (FreeHold Land) admeasuring 22,385 square yards situated at Survey No. 41, T.P. Scheme No. 14, F.P. No. 24, DarriyapurKazipur, Ahmedabad, with Civil Construction excluding records to fix the upset price and EMD for the sale of Free Hold Land with Civil Construction at Rs.52,00,00,000/ (in words Rs. Fifty Two Crores Only/). The EMD was fixed at Rs.5,20,00,000/ (in words Rs. Fifty Two Crores only/) as recommended by the Sale Committee. The Official Liquidator was permitted to publish an advertisement for the sale of the above properties in the English daily newspaper The Times of India, and the Gujarati daily newspaper Gujarat Samachar, Ahmedabad Editions. The advertisement was published on 18.01.2016. 08 (eight) tender forms were sold and no offers/tenders had been received upto the last date i.e. 10.02.2016, as notified in the advertisement. Hence, the Official Liquidator has sought the directions as prayed for.
4 Having heard learned counsel for the respective parties, and as the factual situation has been reflected in the report filed by the Official Liquidator, this Court records the fact that pursuant to the advertisement published in the newspapers by Official Liquidator on 18.01.2016, no offer/tenders form from the intending purchaser/parties has been received by the Official Page 4 of 8 HC-NIC Page 4 of 8 Created On Fri Aug 12 03:16:52 IST 2016 O/OLR/46/2016 ORDER Liquidator."
5. The record indicates that as per the directions issued in the order dated 28.3.2016 passed in Official Liquidator Report no.11 of 2016, the Sale Committee meeting was held on 9.5.2016, wherein the representatives of all the Secured Creditors as well as Textile Labour Association were present and it was decided by the members of the Sale Committee that the Government approved valuer - M/s. Concrete Consultants may be deputed to take physical survey of the mills Company premises and to submit a supplementary report. The minutes of the Sale Committee meeting clearly indicates the same. The record indicates that accordingly, a supplementary report has been submitted by the valuer so appointed and as per the opinion, valuation comes to Rs.43,99,32,405/. As per the order dated 28.3.2016 passed in Official Liquidator Report no.11 of 2016, the meeting of the Sale Committee was held on 29.6.2016 in presence of all representatives of the Secured Creditors as well as Textile Labour Association and it has been unanimously decided to go for sale of the land as per supplementary valuation report dated 27.5.2016 as observed hereinabove. Mr. J.S. Yadav, learned advocate for the Official Page 5 of 8 HC-NIC Page 5 of 8 Created On Fri Aug 12 03:16:52 IST 2016 O/OLR/46/2016 ORDER Liquidator has further submitted that as decided in the meeting of the Sale Committee held on 29.6.2016, all the respective Secured Creditors have deposited an amount of Rs.2 lacs.
6. Considering the aforesaid material on record as well as the submissions made by the learned advocates appearing for the respective parties, summons deserves to be accepted. The upset price of the freehold land bearing survey no.41, Town Planning Scheme no.14, Final Plot no.24, Dariyapur Kazipur, Ahmedabad admeasuring 22,385 sq. yards would be Rs.43,99,32,405/ which is based on the supplementary valuation report dated 27.5.2016. The Official Liquidator is directed to give advertisement in Gujarat Samachar, Gujarati daily in all editions of State of Gujarat and in "Times of India", English daily, Ahmedabad edition. The Official Liquidator is also permitted to incur all miscellaneous expenses for valuation, security, advertisement charges, etc. as prayed for in Paragraph 6(c).
7. The Official Liquidator shall follow the following schedule for the sale of the freehold land of the Company in liquidation bearing survey no.41, Town Planning Scheme no.14, Final Plot no.24, Dariyapur Kazipur, Ahmedabad Page 6 of 8 HC-NIC Page 6 of 8 Created On Fri Aug 12 03:16:52 IST 2016 O/OLR/46/2016 ORDER admeasuring 22,385 sq. yards: Sr. Particulars Dates No. 1 Date of advertisement 02.09.2016 2 Date of issue of tender 06.09.2016 forms 3 Date of inspection of 16.09.2016 property between 11:30 a.m. to 04:30 p.m. 4 Last date of receipt of 29.09.2016 upto offer in the office of 04:30 p.m. the Official Liquidator 5 Opening of offer and 10.10.2016 at auction/interse bidding 11:00 a.m. in the High Court of onwards Gujarat, Sola Road, Ahmedabad
8. If the same is not deposited, Secured Creditors shall adhere to the meeting of the Sale Committee as the same was decided with consensus by all the Secured Creditors present in the meeting of the Sale Committee held on 29.6.2016.
9. The Official Liquidator is further directed to file a fresh report on receipt of bids as per the aforesaid schedule.
10. With these observations and directions, the summons is accepted and allowed in the above terms.
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