Bombay High Court
Official Liquidator Of Abg Cements ... vs Beumer Technology India Pvt Ltd on 19 January, 2022
Author: A. K. Menon
Bench: A. K. Menon
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
OFFICIAL LIQUIDATOR'S REPORT NO.87 OF 2021
IN
COMPANY PETITION NO.863 OF 2015
In the matter of Companies Act, 1 of
1956
And
In the matter of Vadraj Cement Limited
(in Liquidation) formerly known as ABG
Cements Limited
Beumer Technology India Pvt. Ltd. .. Petitioner
Mr. Shanay Shah for the applicant.
Mr. Sandesh Patil i/b. Prithviraj Gole for respondent/Enforcement
Directorate.
Mr. Mahendhar Aithe, Company Prosecutor.
Ms. Jaya Alle i/b. PAN India for Ex-Director.
CORAM : A. K. MENON, J.
DATED : 19TH JANUARY, 2022.
(THROUGH VIDEO CONFERENCE) P.C. :
1. The Liquidator has filed this report seeking an order to the effect that provisional attachment levied by the adjudicating authority Digitally signed by SANDHYA SANDHYA BHAGU BHAGU WADHWA 1/3 WADHWA Date:
2022.01.20 17:15:40 +0530
11.OLR-87-21.doc wadhwa under PMLA Act, 2002 he is not binding on the Liquidator and for interim stay of that dated dated 21 st January, 2020 and 5th August. 2021. By the order dated 5 th August, 2020 the adjudicating authority has confirmed the attachment of properties under sub-section (1) of Section 5 of PMLA Act and has continued the attachment till further orders. It will become final only if the order of confiscation is passed under sub-section (5) or sub-
section (7) of Section 8 of PMLA by the Special Court and the Special Court has not yet passed the order which fact is confirmed by Mr. Patil.
2. Mr. Patil submits that he is in the process of obtaining further instructions in the matter. However, in the meantime, considering the fact that the sale of the property which the Liquidator proposes to proceed with is expected, as suggested by Mr. Shah, on instructions, to fetch an amount in excess of the claim of the investors which is stated to be about Rs.952 crores, the amount of Rs.952 crores can be secured by the Liquidator himself and accordingly the Adjudicating Authority need not obstruct the sale.
3. At the request of Mr. Patil, who further states that till the next date and for one week thereafter, the competent authority will not take any further steps pursuant to the order dated 5 th August, 2021, in 2/3
11.OLR-87-21.doc wadhwa order to enable him to obtain instructions, S.O. to 2 nd February, 2022.
4. Till 9th February, 2022, no further steps shall be taken pursuant to the order dated 5th August, 2021 or the provisional order of attachment dated 21st January, 2020.
5. Reply if any shall be filed on or before 28th January, 2022.
(A. K. MENON, J.) 3/3
11.OLR-87-21.doc wadhwa