Madhya Pradesh High Court
Sungrace Finvest Pvt.Ltd. vs Maikaal Fibres Ltd. on 13 April, 2017
COMP-8-2005
(SUNGRACE FINVEST PVT.LTD. Vs MAIKAAL FIBRES LTD.)
13-04-2017
IA No. 7188/13 Shri Ajit Jain learned counsel for applicant prays for and is granted further three weeks time as of last opportunity to file rejoinder.
OLR No. 1/17 and OLR 18/17 Shri H.Y. Mehta learned counsel for OL. Shri R. Verma learned counsel for ARCIL. Heard.
Alongwith this OLR 1/17, the report of valuer M/s MPCON has been submitted in respect of lot no. 1 (land, buildings & sheds, plant & machineries and plantation etc.).
This court vide order dated 9/2/2017 opened the valuation report and had directed the registry to supply copy thereof to counsel for OL and also permitted to all concerned parties to obtain copy of the same from the OL and file the objection.
No objections have been received.
Learned counsel for ARCIL submits that he has no objection in accepting the valuation report.
On due consideration the valuation report submitted by valuer M/s MPCON in respect of lot no. 1 is accepted.
The OLR 18/17 has been filed in continuation of the OLR 1/17.
It is disclosed that Asset Sale Committee has decided to bifurcate the assets of lot no. 1 in two lots i.e. lot no. 1 relating to land and lot no. 2 relating to building, plant & machineries and plantation etc. The Asset Sale Committee has fixed the price of EMD for two lots separately which has been disclosed in paragraph 5 of OLR.
Having regard to the aforesaid as also the decision of Asset Sale Committee the bifurcation of the assets in two lots is approved as also the reserve price and EMD fixed for these two lots separately is also approved.
Counsel for OL is permitted to sale the assets of above lots by inviting offer from prospective buyers in association of Asset Sale Committee through e-auction and to incur necessary expenses in this regard. He is also permitted to publish the sale notice by inviting e-tenders in two newspapers namely The Economic Times MP Edition (English Daily) and Nai Dunia MP Edition (Hindi Daily). The OL is allowed to release the advertisement expenses of sale notice to the advertising agency and fee for conducting e-auction to M/s e-Procurement Technologies Ltd. Ahmedabad as per terms and conditions dated 4/4/2016, out of fund available in the account of company in liquidation.
It has also been pointed out that a sum of Rs. 2,500/- was incurred by M/s MPCON towards the travelling charges which is payable to M/s Yadav Travels Indore.
The prayer in this regard is allowed and the OL is permitted to release the sum of Rs. 2,500/- to M/s Yadav Travels Indore out of fund available in the account of company in liquidation.
OLR 1/17 and OLR 18/17 are accordingly disposed off.
IA No. 910/17None present for applicant.
Adjourned.
(PRAKASH SHRIVASTAVA) JUDGE