Madhya Pradesh High Court
In The Metter Of M/S M.P.Petrochem Ltd. vs - on 4 March, 2022
Author: Subodh Abhyankar
Bench: Subodh Abhyankar
1 COMP No.4-2011
THE HIGH COURT OF MADHYA PRADESH, INDORE BENCH
COMP No.4-2011
(In the matter of the Companies Act 1956 AND in the matter of M/s
M.P. Petrochem Ltd. (In Liqn.)
Indore, Dated: 04.03.2022
Parties through their counsel.
Heard on OLR No.26/2019, which is filed by the Official
Liquidator seeking the following reliefs:-
In view of the submissions made herein above, the Official
Liquidator most respectfully prays before your Lordship that:-
i) Report of the Official Liquidator may kindly be taken
on record.
ii) In view of submission at Para 6 & 7 above, as no
offer was received from the bidders/ offers in respect of
Lot No. 2 (Office premises at Muley Tower, M.G. Road,
Indore (M.P.),of the company (In-Liqn), the Official
Liquidator may kindly be permitted to proceed for fresh
e-auction of aforesaid assets/ properties of company (in-
Liqn.) with new reserve price and EMD as decided in
the Asset Sale Committee meeting held on 25/04/2019,
detail of the same is as under :-
Lot Description of Proposed reserve EMD
No. Lot price (reduced by (Rs.)
20%) (Rs.)
2 Office premises at 3,71,088/-
Muley Tower, 37,10,880/-
M.G. Road,
Indore (M.P.)
iii)In view of submissions at Para 8 above, necessary
permission may kindly be granted for publication of Sale
Notice by inviting e-tenders in two newspapers (one is in
English Daily and other one is in Hindi Daily) i.e.
1.Economic Time (English) :- All India Edition
2. Dainik Bhaskar (Hindi) :- M.P. Edition
iv) Necessary permission may also be granted to release the advertisement expenses to the advertising agency and fees 2 COMP No.4-2011 for online auction to M/s. E-Procurement Technologies Ltd. Ahmedabad, in respect of fresh e-Auction out of the fund available in the account of the company (In-Liqn).
And Such other order(s) as this Hon'ble Court deem fit and proper may kindly be passed in the circumstances of the case.
Also heard on OLR No.40/2019, which is fied on behalf of the Official Liquidator seeking the following reliefs:-
i) Report of the Official Liquidator may kindly be taken on record and may kindly be heard along with OLR No. 26/2019 in respect of fresh auction of lot No. 2.
ii) In view of submissions at Para 5 above, the amount of EMD of Rs. 5 Lacs deposited by highest bidder- M/s Symphony Sales Pvt. Ltd., in respect of Lot No.1 has been forfeited by Asset Sale Committee in the meeting held on 25/06/2019, in terms of clause no. 14 of terms & conditions of sale, hence such action of Asset Sale Committee may kindly be ratified.
Iii) In view of submission at Para 7 & 8 above, the Official Liquidator may kindly be permitted to proceed for fresh e-
auction of aforesaid assets/ properties of company (In- Liqn.) with new reserve price and EMD as decided in the Asset Sale Committee meeting held on 29/07/2019, details of the same is as under :-
Lot Description of Lot Proposed reserve EMD No. price (reduced by (Rs.) 20%) (Rs.) 1 Factory Land, 70,00,000/- 7,00,000/-
Buildings & Shed and Plant & Machineries.
iv) In view of submissions at Para 9 above, necessary permission may kindly be granted for publication of Sale Notice by inviting e-tenders in tow newspapers (one is in English Daily and other one is in Hindi Daily) i.e.
1. Economic Times (English):- All India Edition
2. Dainik Bhaskar (Hindi) :- M.P. Edition
v) Necessary permission may also be granted to released the advertisement expenses to the advertising agency and fees for online auction to M/s. E-Procurement Technologies Ltd. Ahmedabad, in respect of fresh e- Auction out of the fund available in the account of the company (In-Liqn).
And 3 COMP No.4-2011 Such other order(s) as this Hon'ble Court deem fit and proper may kindly be passed in the circumstance of the case.
For the reasons assigned in para 6, 7 & 8 of OLR No.26/2019 and in paragraphs No.5, 7, 8 & 9 of the OLR No.40/2019, both the OLR No.26 & OLR No.40 are hereby allowed and disposed of.
Official Liquidator is directed to do the needful and submit its report.
(Subodh Abhyankar) JUDGE moni