Gujarat High Court
Official Liquidator Of Testeels Ltd (In ... vs Manager - Central Bank Of on 21 February, 2013
Author: R.M.Chhaya
Bench: R.M.Chhaya
OFFICIAL LIQUIDATOR OF TESTEELS LTD (IN LIQUIDATION)....Applicant(s)V/SMANAGER - CENTRAL BANK OF INDIA O/OLR/81/2012 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD OFFICIAL LIQUDATOR REPORT NO. 81 of 2012 In OFFICIAL LIQUDATOR REPORT NO. 207 of 2011 In COMPANY APPLICATION NO. 442 of 2009 In COMPANY PETITION NO. 79 of 1989 FOR APPROVAL AND SIGNATURE: HONOURABLE MR.JUSTICE R.M.CHHAYA ================================================================ 1 Whether Reporters of Local Papers may be allowed to see the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of the judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the constitution of India, 1950 or any order made thereunder ? 5 Whether it is to be circulated to the civil judge ? ================================================================ OFFICIAL LIQUIDATOR OF TESTEELS LTD (IN LIQUIDATION)....Applicant(s) Versus MANAGER - CENTRAL BANK OF INDIA & 4....Respondent(s) ================================================================ Appearance: MS AMEE YAJNIK, ADVOCATE for the Applicant(s) No. 1 OFFICIAL LIQUIDATOR for the Applicant(s) No. 1 MR GM AMIN, ADVOCATE for the Respondent(s) No. 5 MR HS MUNSHAW, ADVOCATE for the Respondent(s) No. 3 MR KI SHAH, ADVOCATE for the Respondent(s) No. 2 MR MITUL K SHELAT, ADVOCATE for the Respondent(s) No. 4 MR NAGESH C SOOD, ADVOCATE for the Respondent(s) No. 1 ================================================================ CORAM: HONOURABLE MR.JUSTICE R.M.CHHAYA Date : 21/02/2013 ORAL JUDGMENT
1. By way of this Report, the Official Liquidator has preyed for following relief(s):
a. This Hon'ble Court may permit the Official Liquidator to place the sealed cover containing the valuation report as submitted by M/s.Gajjar Techno-Economic Consultants Pvt. Ltd of three different properties/land of the Company on record, and may further be pleased to direct the Official Liquidator to open the sealed cover containing the valuation report for perusal of this Hon'ble Court at the time of hearing of this report, and also to consider the valuation report.
b. This Hon'ble Court may be pleased to fix-up the upset price and EMD for sale of the assets of the Company.
This Hon'ble Court may also be pleased to direct the Official Liquidator to issue advertisement in Newspapers namely Gujarat Samachar in Gujarati daily Ahmedabad, Mumbai and Surat editions for inviting offers for purchase of assets of the Company or in such other newspapers as may be considered appropriate by this Hon'ble Court.
Such other and further orders and directions as may be considered just and appropriate in the matter, may also be passed.
Heard Ms.Amee Yajnik, learned counsel for the Official Liquidator, Mr.Nagesh C. Sood, learned counsel for respondent No.1, Mr.K.I.Shah, learned counsel for respondent No.2, Mr.H.S.Munshaw, learned counsel for respondent No.3, Mr.Mitul K.Shelat, learned counsel for respondent No.4 and Mr.G.M.Amin, learned counsel for respondent No.5.
3. It appears from the record that the Official Liquidator had filed a Report being Official Liquidator Report No.207 of 2011 praying for identical reliefs. This Court (Coram:Hon ble Mr.Justice K.M.Thaker) vide order dated 09.11.2011 opined that the valuation as per the Report dated 16.08.2011 and further Report dated 17.10.2011 were not satisfactory and was pleased to direct the Official Liquidator to invite another Report from any other Government Approved Valuer from the panel maintained by the Official Liquidator and had passed the following directions:
Having regard to the location of the property in question, the measurement of the land in question and the probable market value which the property in concerned area can fetch, at present, it appears appropriate to require the OL to invite another report from any other valuer from the panel maintained by OL. The OL may nominate such valuer and request him to submit report as early as possible and preferably within two weeks, without disclosing or informing the details of report already received by OL on 16.8.2011 and 17.10.2011. The valuer who may be now appointed shall be allowed to undertake the work independently without taking into account the earlier report. After the report is received, OL shall submit a report before the Court. At that time a copy of the report dated 16.8.2011 and 17.10.2011 may also be placed on record for purpose of perusal and comparison by the Court. After such second report from other valuer is received, appropriate direction including the direction fixing upset price and granting permission to issue advertisement inviting bids will be passed.
4. It appears that as per the said directions, the Official Liquidator appointed M/s.Gajjar Techno-Economic Consultant Pvt. Ltd., Government Approved Valuer from the panel maintained by the office of the Official Liquidator vide communication dated 18.11.2011 with a specific direction incorporating the directions issued by this Court (Coram:Hon ble Mr.Justice K.M.Thaker) vide order dated 09.11.2011 passed in Official Liquidator Report No.207 of 2011. It is also evident from the record of the Report that the Official Liquidator also provided inspection of the land of the Company situated at Dahegam and Vatva, and ultimately the Government Approved Valuer M/s.Gajjar Techno-Economic Consultant Pvt. Ltd., submitted three different Reports for three different lands belonging to the Company (under Liquidation) on 24.05.2012. Reports so submitted were placed before this Court for its consideration in sealed cover. These three different Reports so submitted in sealed cover were opened by this Court and the same were perused. It appears that the Valuer so appointed has submitted three different Reports for three different properties as enumerated below:
1. Plot No.10/1, Phase-I, G.I.D.C, Opp. Dorr Oliver, Nr.Vatva Railway Crossing, Vatva, Ahmedabad.
Revenue Survey No.489 and others,Opp.Dahegam Railway Station, Station Road, Village & Taluka Dahegam, Dist: Gandhinagar.
Revenue Survey No.478, City Survey No.377, Nr.Dahegam Police Station, Village & Taluka Dahegam, Dist: Gandhinagar.
5. On perusal of all three reports, it is found that the Valuer has taken into consideration all important aspects of valuation of lands. It also appears that the Valuer has visited the lands in question, has considered Jantri Value, realizable value and determined the fair market value.
6. Considering the Reports of the Government Approved Valuer submitted by the Official Liquidator, the same are found to be proper. The Reports indicate that, as far as the property situated at Plot No.10/1, Phase-I, GIDC, Vatva is valued at Rs.52.42 Crores, the land situated bearing Survey No.489 and others, Opp.Dahegam Railway Station, Station Road, Village & Taluka Dahegam, Dist: Gandhinagar is valued at Rs.26.30 Crores and the third property i.e land and building situated bearing Revenue Survey No.478, City Survey No.377, Nr.Dahegam Police Station, Village & Taluka Dahegam, Dist:
Gandhinagar is valued at Rs.6.21 Crores.
7. Considering the aforesaid factual aspects, the upset price and EMD for the properties are fixed as under:
Sr.No. Description of the property Upset Price EMD 1 Plot No.10/1, Phase-I, G.I.D.C, Opp. Dorr Oliver, Nr.Vatva Railway Crossing, Vatva, Ahmedabad.
52.42 Crores 5,24,20,000/-2
Revenue Survey No.489 and others,Opp.Dahegam Railway Station, Station Road, Village & Taluka Dahegam, Dist: Gandhinagar.
26.30 Crores 2,63,00,000 3 Revenue Survey No.478, City Survey No.377, Nr.Dahegam Police Station, Village & Taluka Dahegam, Dist: Gandhinagar 6.21 Crores 62,10,000/-
8. The Official Liquidator is also directed to issue advertisement in local Newspaper i.e Gujarat Samachar in Gujarati Daily in Ahmedabad, Mumbai and Surat editions as well as DNA in English Daily in Ahmedabad, Mumbai and Surat editions, for inviting offers of purchase of assets of the Company, as prayed for.
9. All three Reports-in-origin so submitted by the Official Liquidator are returned herewith in a sealed cover to the Official Liquidator.
10. With above observations and clarifications, the Official Liquidator Report stands disposed of.
(R.M.CHHAYA, J.) Suchit Page 6 of 6