Andhra Pradesh High Court - Amravati
M/S.Pioneer Alloy Castings Ltd vs The Asst.General Manager on 7 February, 2024
Author: K Sreenivasa Reddy
Bench: K Sreenivasa Reddy
IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVAT!
(ORIGINAL JURISDICTION)
WEDNESOAY, THE SEVENTH DAY OF FEBRUARY,
TWO THOUSAND AND TWENTY FOUR
PRESENT:
iA No. TOF 2024
iN
COMPA NO: 48 OF 2023
Between:
Mis. Ploneer Alloy Castings Ltd, Gn Lign.) Rep. by the Official Liquidator,
atfached to Horble High Court of Telangana and Andhra Pradesh, 1° Floor,
Corporaie Bhawan, Bandlaguda, Naguie, Hyderabad-SO0 068.
Applicant
ANS
Y. State Bank of India, SAM Branch-], O.No.3-4-1073/4, Commuter | Amenty
Genter (CAC), TSRTC Bus Station, Machiguda, Hyderabad ~ 500 02
2. Ganbank Factors Ltd, Casa Blanca, No. it/18, Casa Majar Road, Egmore,
Chennai --- 600 08.
Respondents
Pattian under Section 457C1 He} of the Companies Act, 7856 read wih Rule
272 & 273 of ihe Companies (Cour} Rule, 1959. praying that in the ciournstances
slated in the affidavit in support of the petition, the High Court may be pleased to
permit the official Liquidator fo sell the assets / properties of the company Un
Hauiciation} in three (3) lots (Third lot is cormpoaite of Lot No} & Loft NowZ) through e-
auction on "AS IS WHERE i8 AND WHATSOVER THERE [S BASIS" by fixing {he
Reserve Price for each lot and 10% of Reserve Proce as EMD and incremental bid
amount as decided in the n of sale cornmitiee held on 31-01-2024 which are
a8 urder:
Cae
Lot Na. with description of
the Assets / Properties,
Reserve
Price
(Amount
in lakhs}
Rarnest
Money
Deposit
CEMD)
(Amount in
takhs}
incremental
bid amount
(Amount in
lakhs}
. eh eof Poe? "4 ty
asehald Lakh TD
Ace Oo
including gy Conn
factory prentise
No, 8.39, SIPC
Complex,
within the villag ee
Pappankuppam and
Karumbukuppam, TRirovallur
Tkatrict, Tarnils radu.
dipaoncl,
iirrdta of
SyyL8
84700
84,10
2.0
Lot No2:- Plamt & Machinery
(fa). Main - Rant Production
Machinery:- Sand recovery &
Reclamation i -
Machines: Cup gla Farn
sand Plants & Drying Mach
Sand Miafler
Moulding Boxes:
Systems: Metal
Systems including Cranes,
Patter making x maltenance |
machinery and Other MACHINES,
ste. (bi Utilities & i
ma achinery ry
instrument te i it
(i. Vehicles (Tractors
and 9) Offer Mise ISNOOUS |
82.38
G0)
"Lot ENo:
_Composite of entire assets a.
| Lae rues
a.
tit
bade
yi en nn eer Ieee =
3: "oncolida ted 'and | i
s as mentioned i L ot °
Priority will be given to she bidders who submit Seeir bid for
Lot No.3 (consolidated and con sposite of Lot No. 1 & Lot No.2).
After e-auction of the said agsets/properties, necessary
permission may D e granted to Sale Co munities comprising of the
Official Liquidator and all Secured Creditors ie. the
respondents (R-1 & R-2) herein fo nave negotiations with three
(3) highest bidders participated in the e-auction to feich
maxim sale price, ifneceasary.
permit the Official L jguidator to sell the assets / properties of
the company (in liquidation) hrough e-auction service provider
vi, MisRailTs: Corporation of India Limited or Mis.e-
Procurement Technologies Ltd. {auction Tigernmet) or suck
other agency as this Hon' 'ble Court may deem fit and proper in
this regard and to release the service charges to e-auction
service orovider out of fun nds available in Companys account.
consider and approve the draft © -auction sale notice; Terms &
Conditions and Bid form for sale of above assets / properties
(Lot No.t, 2 & 3) of the company (in Liqn) which are annexed
vide Annexure-*C™.
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caming on far hearing, Upon Perust ing the Petitian and ihe
affidavit fled in suppor thereof and the order of the High Cour dated aan 2024
made herein and upon hearing the argument cg of SA OTLE.SAL VIHARESC FOR
OFFICIAL LEQUIDATOR) for the Applicant, the Court made the following
The petian
Order:
By an order dated O3.01.2024 passed in Company
Apmication No.48 of 2023, this Court directed the Official Liquidator
to corstitute a sale cammittee comprising Official Liquidator and
Secured Creditars (State Sank of India and Canbank Factors Limited)
for fixing reserve price, EME: Incremental Bid arnount etc, for sale of
uch assets/properties through e-auction. The Official Liquidator was
permitted ta He necessary Company Application for sale of
assets/properties of the Company (in liquidation} i.e. land ane
hulldings, plant and machinery etc., lying at the factory premises
situated at B39, SIRCOT Industrial Complex, Gurnidipoonci,
Tiruvalluru district, Tamilnadu throudh e-auction.
a. Pursuant to the said order, the Off cial Liquidator filed the
present application for the following reliefs.
way
i} permit the Official Liquidator to sell the assets /
properties of the company Cin liquidation) in threes (3) jots
(Third lot js cornpusite of Lot No.i & Lot No.2} throuah e-
auction an "4S IS WHERE IS AND WHATSOEVER. THERE
IS BASIS" by fixing the Reserve Price for each fot and
10% of Reserve Price as EMD and incremental Ne amount
aS
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law
Priarily will be given to the Bidders who submit
their Bid for Lot No.3 (consolidates! and composite of Lot
No.l & Lot No.2}. After e-auction of the said
assets/oraperties, necessary permission may be granted
to Sale Cornrnittee comprising of the Official Liquidator
and all Secured Creditors Le. the respandents (R-1 & B-2}
herein to have negotiations with three (3) highest bidders
participated in the e-auction to fetch maximum sale price,
if necessary.
H} permit the Official Liquidator to sell the assets /
broperties of the company din. cuidstion} through e-
auction service orovider viz.,. M/s.RalTel Corporation of
India Limited or M/s.e-Procuremert Technolagies Ltd.
fauction Tiger net} or such other agency as this Court may
deem fii and proper in this regard and to release the
service charges to e-auction service provider cut of funds
avaliabte in Cornpany's account.
HE} consikier and goprave the dreft e-auctian sale
notice: Terms & Canditions and Bid forrn for sale of above
assets f properties (Lot No.t, 2 & 3) of the company dn
Lg.
NM} opernst the Official Liquidator fo publish e-
auction sale notice for sale of above assets/properties of
the company Cin Liquidation} as mentioned in Lot No.1,
& 3 in four newspapers namely (0. "Andhra Jyoti", Telugu
Dally of Tirupath Editiery (5). "naa Talangana'',
Telugu Daily of Hyderabad Edition; Gi. "EXnamant", Tamil
Daily of Chennai Edition; (83. "The Ecanomic Times",
English Dally of all India Editions ar any other newspaners
as may Be decided dy this Harfbic Court at DAVP / Gavt.
rates ag this office is a Central Gavernment office attached
}
ee
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and appointed the Official Liquidater as Liquidetor in terms of Section
449 of the Companies Act, 1956.
5) The Company (in Liquidation} was having two Factories
comprising of Land, Buildings, Plant and Machinery, stocks, sic.,
Situated at {a} Plot Na22 & 23, IDA, Gazulamandyam, Vie Renigunta,
Chittoor District, Andhra Pradesh; (5) Secend Unit at Plat No.8-39,
SIPCOY Industrial Complex, Gurmmidipoondi, Tiruvalluru District,
Taminac. Whereas, the State Bank of India, Respondent Noi
herein Had auctonerd/said the assets of the company comprising of
Land, Buildings, Mlant & Machinery, Macks, etc., sRuated at Flot
No22 & 23, IDA, Gazulamandyam, Via Renigunta, Chittoor District,
Andiva Pradesh under SARFAESI Act, for an amount of Rs. 17.80
Crores in the year 2073,
c} The possession of anather Unit situated at Plot No B-39,
SIPCOT Industrial Comnex, Gumimidipoondi, Tiuvalluru [Nstrict,
Taniinadu, cisrorising of Land, Buildings, Plant & Machinery, efe.,
had been taken aver by the Official Liguidiatar on 22.01.2013 and
deployed security guards ta protect and safeguard the assets af the
company (in Liquidation) in the presence of Secured Creditors.
a} The Official Liguidator fled C_A.No.48 of 2023 befare this Court
seeking to dispose of C_AWNo.579 of 2018, which was filed by the
Official Liquidatar {> sell the fand and buildings and plant and
machinery of the company (in Uiqn.} based on the valuation made an
5
G2.07.2018 and subsequent Official Ueuicater renort No ig/e022
dated! 22.04.2022 along with valuation report of Plant and Machinery,
as the earier valuation report dated 02.07.2018 pertaining fo Lend
and Buildings is rnore than 5 years ol? end the valuation report dated
2.04,2022 for Plat and Machinery is more than one and half year
Pand the sarne may not reflect actual present value of the assets of
2.
os
wr
he subject commany (in Lian. and also sought permission fo place
subriited by the SAT before this
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Court for necessary directions with regard ta sale of assets and
nayinient of yagiver fee by the S&T as agreed in the creditors meeting
©} During the Searing of CLA.No.48 of 2023, this Court vide order
dated 23.11.2023 permitted the Oficial Liquidator ta place the fresh
valuation report carried by the State Bank of Incha, Resporident Nod
herein, The State Bank of India has appointed Sri A.Srinivas Kurnar
and Sri B.Venku Recdy, vatuers for valuation of Land and Bunidings
and St R.Ganesh Rao, valuer for valuation of Plant anc Mechinery.
The valuers have carrled cut fhe valuation of assets of the cesrigany
their reapcrts separately in the sealed covers
ffm Lign.} and submiitec
dated 22.12.2023 seek
and penmit the Official Liquidator to caliect the copies of the valuation
wd
reparts and other directions with regard to sale of the assets of the
company Cn Un,
} This Court, vide order dated 04.01.2024 made in CANo.48 of
2023, fas taken the valuation reports an record and directed the
Offical Liquidator to canstitute a sale committee comprising Official
Liquidator and Secured Creditors (Respondent Nos.1 and 2 herein} for
fixing the reserve price, EMO, incremental bid arnount, etc., for sale
of such assets/properties through e-auctian. This Court has also
permitted the Official Liquidator fo fle necessary Company
Application for sale of the assets/ properties of the company (in ign}
Le. lane and buildings, plant and machinery, et, lying at the factary
Dremuses situated at Pict No.B-39, SIPQOT Industrial Complex,
Gumimidipoand!, Truvailury District, Tamilnadu through e-auction and
pasted the matter on 05-02- 2024 for further hearing.
a2 The Offical Liquidator has collected the copes of valuatian
reports dsted 26.11.2023 and GL.13.202% jn respect of Land and
Buildings given by the valuer Sri Srinivas Kumar and the valuer Sri
B.Venku Reddy respectively and valuation report dated 04.11.3023
given by the valuer Sr R.Ganesh Rao respect oF Plant and
Machinery.
Rn} Pursuant to orders of this Court dated O3.01.2024, the Official
Liquidator has sent an email to the Secures! creditors advising them to
attend the meating scheduled on 31.01.2034 in the aMice of the
for fixati
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p As per the valuation report dated 01.42
valuer So BYenku Reedy, the
including cornpound wall are as follows:
202
3 submitted by the
valuation of Land and Buildings
Description of assets; properties
Fair Market Value
Land 8,25, 00 {RXI-
Bulidinas 1,88. 54,279/-
Campound Wall
§,00,000/-
Tatail
989,54, 279).
{Rounded to
$,.BS, 54, G0G/-)
Realizable Value
Land, Bafidings and Comoound Wail
8,91, 11,000/-
Distress Sale valus
Land, Bulldings and Campound Wail
kK) Sinvlarfy, as oer the valuatien
submitted by the valuer Sri A.
and Buildings including
Srinivas Kumar, the va
renort dated 28.11.2023
luation of Lend
compound wall are as follows:
Description of assets / properties
AgPHQUE
fs}
Pair Market Value
Land 8, 10,06,000/-
Bulldings 155,91 Q00/-
Compound Wall 8,06, 000/-
Total
9,7 2,94, Q00/-
| Reahzable Value
Land, Buildings are? Compound Wall 28,12, O00/-
Distress Sale value 728,85, 000/-
Land, Buildings and Carmpound Wall
i} The Realizsble Value given by Sn
ASrinvas Kumar are &s.8,41,11,000/-
After due Hscussix
tt
respectively,
and
B.venku Reddy ane Sri
RS.8,26,12,000/-
ONS in sale committee meeting held on
(clk OO PALS REDE ELEDLPLELPI OCC AL be
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for sale of the assets/properties of the company Ob? Lign.) through e-
auction service provider as may be decided by this Court,
po Further, the sale committees has decided to seif the lease hold
assets/praperties under three lots Le. Lot Nod Land and Buildings
nciuding Compound Wall and Lot No.2 Plant and Machi hinery and also
suggested for sale of the total assets under one consolidated lot Le,
Lot No.3 composite of Lot No.1 and Lot No.2? through e-auction an
"AS IS WHERE IS AND WHATSOEVER THERE IS BASIS", by fling the
folowing Reserve Price, EMD and Incrernental Bid amount for each
Lot as uncer:
Lot No. with description af the Reserve Earrest incremental
&ssots/Properties Price Money big amount
fArnount depasit fAmmaunt in
in iakns} {EMD} lakhs}
fAmount
in: lakhs}
Lot No.di- Leasehold Land to an
axtent of Ac.6.00 certs together
with Buudings inching
Compound Wal, at factory
premises situgted at Plot No. 8-39,
SIPCOT industrial Camptex, 831,00 B4 10 200
Guminuidipsond, within the vilage
limits oof Pappankupsarmn and
) Rarumbukuppam, Thiruvatlur
District, Tamilnadu,
Lot No.Zi- Plant & Machinery 2.26 8.23 0.30
Lot Noss Consolidates and
Compasite of entire assets/ 923.25 92.33 ach
Properties a@s Mmertioned In Let
Now & Lot Ne.
Priority will be given to the bidders who submit their bid for Lot
No.3 (consolidated and composite of Lot Ned and Lot No.2}.
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NOTE
LANOQ.T OF 2084
COMPA No 48 of 2023
ORDER
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