Gujarat High Court
Official vs Manager on 23 August, 2010
Author: K. A. Puj
Bench: K.A.Puj
Gujarat High Court Case Information System
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OLR/20/2010 6/ 8 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 20 of 2010
In
COMPANY
PETITION No. 69 of 2002
=========================================================
OFFICIAL
LIQUIDATOR OF JALAN ISPAT CASTING LTD - Applicant(s)
Versus
MANAGER
& 8 - Respondent(s)
=========================================================
Appearance
:
OFFICIAL
LIQUIDATOR for
Applicant(s) : 1,MS AMEE YAJNIK for Applicant(s) : 1,
MR HS
MUNSHAW for Respondent(s) : 1,
SINGHI & CO for Respondent(s) :
2,
MR KI SHAH for Respondent(s) : 3,
MR BHARAT JANI for
Respondent(s) : 4,
DELETED for Respondent(s) : 5 -
9.
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 13/08/2010
ORAL ORDER
The Official Liquidator has filed this report making following prayers;
(A) That in view of the submissions made hereinabove, this Hon'ble Court may be pleased to ratify the action taken by the Official Liquidator for retraining the Demand Draft towards EMD of the second highest bidders i.e. Shri Ashok G. Nawal (For Two Lots) and M/s. Jhabua Metal Industries, as the time of auction held in the office of the Official Liquidator on 26.11.2009.
(B) That, the Hon'ble High Court may be pleased to direct the Official Liquidator to refund EMD amount to second highest bidders which is retrained by the Official Liquidator on 26.11.2009 at the time of auction.
(C) That, this Hon'ble Court would be pleased to accept the offer of M/s.Cresent Landlorn Pvt. Ltd., being the respondent No.5 herein to purchase the assets of Lot No.A-IV of the Company situated at Plot No.91, Meghnagar Industrial Estate, Jhabua MP for Rs.2.01 crores on terms and condition of sale as tender form at Annexure-I to this report or on such other and further terms and conditions as this Hon'ble Court may consider just and appropriate or otherwise.
(D) That, this Hon'ble Court would be pleased to accept the offer of M/s.Moonlight Infrabuild Pvt. Ltd., being the respondent No.7 herein to purchase the assets of Lot No.B-IV of the Company situated at Plot No.64, Meghnagar Industrial Estate, Jhabua MP for Rs.1.16 crores on terms and condition of sale as tender form at Annexure-I to this report or on such other and further terms and conditions as this Hon'ble Court may consider just and appropriate or otherwise.
(E) That, this Hon'ble Court would be please to accept the offer of Shri Karshani Alloys Pvt. Ltd., being the respondent No.8 herein to purchase the assets of Lot No.C of the company situated at Khajli Dungri, Meghnagar, Dist. Jhabua MP for Rs.18.00 lacs on terms and condition of sale as tender form at Annexure-I to this report or on such other and further terms and conditions as this Hon'ble Court may consider just and appropriate or otherwise.
(F) That, in view of the facts stated in 10 of this report, this Hon'ble Court may be pleased to permit the Official Liquidator to make the payment of Rs.1,51,261/- to M/s. Navnitlal & Co., Advertising Agency towards advertisement charges against bill dated 6.11.2009 at Annexure-L to this report being the cost of publication of advertisement in newspapers.
This Court has passed an order on 30.7.2010 directing the Official Liquidator to intimate all the bidders informing them that inter-se bidding would take place in the Court on 13.08.2010. If any one is interested, they should remain present along with EMD & late entry charges @ 18%. Pursuant to the said intimation, the Official Liquidator has informed that for Lot A-IV as well as B-IV several other parties have shown their interest and they have paid EMD as well as late entry charges. For Lot No.A-IV six parties are there; (1) M/s.Cresent Landlon Pvt. Ltd., who is the highest bidder before the Sale Committee made an offer of Rs.2.01 crores. (2) Shri Ashok G. Nawal, who is the second highest bidder made an offer of Rs.2.00 crores. (3) M/s.Jhabua Metal Industries (4) M/s. Selvel Minerals Resources Pvt. Ltd., (5) M/s. Gondwana Natural Resources Pvt. Ltd., (6) M/s.Sandalwood Infratech Pvt. Ltd., So far as Lot No.B-IV is concerned, there are six bidders; (1) M/s. Moonlight Infrabuild Pvt. Ltd., who is the highest bidder before the Sale Committee made an offer of Rs.1.16 crores (2) Shri Ashok G. Nawal, who is the second highest bidder made an offer of Rs.1.15 crores (3) M/s.Jhabua Metal Industries (4) M/s. Selvel Minerals Resources Pvt. Ltd., (5) M/s. Gondwana Natural Resources Pvt. Ltd., and (6) M/s. Sandalwood Infratech Pvt. Ltd.
So far as Lot No.A-IV is concerned inter-se bidding between the parties who have paid their EMD as well as late entry charges were taken place and the highest offer was made by M/s. Selvel Minerals Resources Pvt. Ltd., 25, Revera Town, Nr. Mata Mandir Bhopal for Rs.6.00 crores. Since all other bidders have shown their unwillingness to make any further offer the sale for Lot No.A-IV is confirmed for Rs.6.00 crores in favour of M/s. Selvel Minerals Resources Pvt. Ltd.
So far as Lot No.B-IV is concerned, inter-se bidding between the bidders, who have paid their EMD as well as late entry charges were taken place and the highest offer was made by M/s.Sandalwood Infratech Pvt. Ltd., 302, Devkrupa Building, 28 Raichur Street, Mumbai., for Rs.7.20 crores. Since all other bidders have shown their unwillingness to make any further offer the sale for Lot No.B-IV is confirmed for Rs.7.20 crores in favour M/s.Sandalwood Infratech Pvt. Ltd.
So far as Lot-C is concerned, since the highest bidder was not present before the Court and all other bidders have not shown their willingness, the matter is adjourned to next week with a direction to the Official Liquidator to inform the highest bidder and other bidders.
The sale for Lot No.A-IV and Lot No.B-IV is confirmed as indicated above subject to the terms and conditions contained in the tender documents with slight modification that the auction purchaser is permitted to appoint one nominee of his choice. However, intimation with regard to the said nominee shall be made to the Official Liquidator on or before the first installment for sale consideration is paid to the Official Liquidator within 30 (thirty) days from the date of confirmation of sale.
The Official Liquidator is directed to return EMD to all other bidders of Lot No.A-IV and Lot No.B-IV after deducting late entry charges, if any, from the said amount.
Mr.Pranav Desai, learned advocate appearing for the highest bidder before the Sale Committee, submitted that his client be paid some interest as the amount is lying with the Official Liquidator for more than 10 (ten) months. His request is not accepted by the Court as it is made clear that the sale is subject to confirmation by this Court and till the sale is confirmed it is term of the tender document that the amount of the highest bidder is required to be retained by the Official Liquidator.
In the above view of the matter, the sale is confirmed for Lot No.A-IV and Lot No.B-IV as indicated above as per the terms and conditions of the tender document, except the modification as stated earlier.
It goes without say that the terms of the tender document specifically state that the auction purchaser is not liable to discharge its liability so far as pre-winding up dues of the Company in liquidation are concerned.
For remaining prayer the matter is adjourned to 20.8.2010.
(K. A. PUJ, J.) kks Top