Gujarat High Court
Ol Of M/S Tai Chongbang Ind. Ltd. (In ... vs Na on 15 July, 2021
Author: N.V.Anjaria
Bench: N.V.Anjaria
C/OLR/124/2021 ORDER DATED: 15/07/2021
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 124 of 2021
In R/COMPANY PETITION NO. 97 of 2007
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OL OF M/S TAI CHONGBANG IND. LTD. (IN LIQN)
Versus
NA
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Appearance:
MR SAURABH M PATEL(5019) for the Applicant(s) No. 1
for the Respondent(s) No. 1
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CORAM:HONOURABLE MR. JUSTICE N.V.ANJARIA
Date : 15/07/2021
ORAL ORDER
Heard learned advocate Mr.Saurabh Patel for the applicant- Official Liquidator of M/s.Tai Chongbang Textile Industries Limited (In Liquidation).
2. Following prayers are made by the applicant.
"(i) To permit the Official Liquidator to invite claims from workers, secured creditors & preferential creditors of the company in liquidation under Section 529, 529A & 530 of the Companies Act, 1956 by way publishing advertisement in Newspapers namely "Economic Times", English Script, and in "Gujarat Samachar", Gujarati Script, both in Ahmedabad Edition or may be pleased to decide any such News papers as this Hon'ble Court may consider deem fit and proper for inviting claims;
(ii) To permit the Official Liquidator to webcast the notice of the invitation of claims on the website of the Hon'ble High Court of Gujarat as well as on the website of the Ministry of Corporate Affairs;
(iii) To permit the Official Liquidator to appoint Chartered Accountant from the panel Page 1 of 5 Downloaded on : Sun Jan 16 00:21:37 IST 2022 C/OLR/124/2021 ORDER DATED: 15/07/2021 maintained by the Official Liquidator for verification and adjudication of claims as well as working out inter-se ratio amongst the creditors of the company in liquidation and also be pleased to direct the Official Liquidator to place the report of the Chartered Accountant before this Hon'ble Court by way of filing fresh report for further direction in the matter;
(iv) To permit the Official Liquidator to make payment of advertising charges as well as professional fees of Chartered Accountants on receipt of their bill from the Account of the Company in liquidation being liquidation expenses."
3. The company M/s.Tai Chongbang Textile Industries Limited, was wound up as per order dated 17.3.2008 passed by the Company Court in Company Petition No.97 of 2007. The Official Liquidator was appointed for discharging duties. The Company in question has its registered office at village Naranpura, Khoda, near Sanand, District Ahmedabad. The secured creditors of the Company took possession of the said property even prior to the Company went into liquidation and sold the property under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It was stated that in that view, the Official Liquidator could not take the possession of the said assets.
3.1 The Official Liquidator stated that the Company in liquidation was having two bungalows situated at Riddhi Siddhi Bungalows, Opp.Hero Honda Showroom, Sanand Ahmedabad Highway, at Sanand. The Official Liquidator took possession of the said assets as per the directions of this Court. Order dated 30.8.2011 came to be passed by the Court in Official Liquidator's Report No.151 of 2011, whereunder the sale committee come to be constituted comprising of Official Liquidator, Secured Page 2 of 5 Downloaded on : Sun Jan 16 00:21:37 IST 2022 C/OLR/124/2021 ORDER DATED: 15/07/2021 Creditors and the representatives of the Union workers. The two attempts made by Official Liquidator to sale the property failed as no offer was received from anybody. It appears that Official Liquidator filed Official Liquidator's Report No.158 of 2017 praying before the Court to permit to fix upset price and EMDs of the said two bungalows and to permit the Official Liquidator to publish sale proclamation in newspaper so as to invite offers. By order dated 28.12.2018 the Court permitted the Official Liquidator and the sale proclamation was published.
3.2 It is next stated by Official Liquidator that in Official Liquidator's Report No.21 of 2018, an order came to be passed by the Court on 2.5.2018 and the sale of Bungalow No.T-21, Riddhi Siddhi Bungalow, Sanand came to be confirmed in favour of one Mrs.Bhavnaben R. Zala for sale consideration of Rs.43,00,000/-. Similarly, another Bungalow No.T-22 fetched the same price and the same was confirmed in favour of one Kailaashben M. Zala.
4. On the basis of the facts and by producing the relevant orders passed by the Court from time to time mentioned above, the Official Liquidator has submitted that as required under Rule 148(1) of Companies (Court) Rules, 1959, he is required to invite claims from secured creditors, workmen and preferential creditors of the company in liquidation. It is next submitted that the Official Liquidator is required to appoint Chartered Accountants for verification of the claims under Section 529, 529A and 530 of the Companies Act, 1956. It was further submitted that appropriate report would be filed before the Court for seeking necessary directions. It was requested to grant the prayers made in the present report.
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5. In light of the facts stated and submitted by Official Liquidator as above, the prayers are required to be granted. Accordingly, following directions are issued.
(i) The Official Liquidator is allowed to invite claims from workers, secured creditors & preferential creditors of the company in liquidation under Section 529, 529A & 530 of the Companies Act, 1956 by way publishing advertisement in Newspapers namely "Economic Times", English Script, and in "Gujarat Samachar", Gujarati Script, both in Ahmedabad Edition for inviting claims.
(ii) The Official Liquidator is allowed to webcast the notice of the invitation of claims on the website of the Hon'ble High Court of Gujarat as well as on the website of the Ministry of Corporate Affairs.
(iii) The Official Liquidator is allowed to appoint Chartered Accountant from the panel maintained by the Official Liquidator for verification and adjudication of claims as well as working out inter-se ratio amongst the creditors of the company in liquidation and it is also directed that the Official Liquidator shall place the report of the Chartered Accountant before this Hon'ble Court by way of filing fresh report for further direction in the matter.
(iv) The Official Liquidator is allowed to make payment of advertising charges as well as professional fees of Chartered Accountants on receipt of their bill from the Account of the Company in liquidation being liquidation expenses by filing appropriate report before this Court and seeking approval for such payment.Page 4 of 5 Downloaded on : Sun Jan 16 00:21:37 IST 2022
C/OLR/124/2021 ORDER DATED: 15/07/2021 The present Official Liquidator's Report stands disposed of accordingly.
(N.V.ANJARIA, J) Manshi Page 5 of 5 Downloaded on : Sun Jan 16 00:21:37 IST 2022