Telangana High Court
M/S. Sirsilk Limited In Liquidation vs Ndustrial Development Bank Of India ... on 9 September, 2025
Author: K. Lakshman
Bench: K. Lakshman
THE HON'BLE SRI JUSTICE K. LAKSHMAN
COMPANY APPLICATION No. 82 of 2025
in
COMPANY PETITION No.57 of 1999
ORDER:
Heard Mr.J.Srinadh Reddy, learned counsel for the Official Liquidator.
2. This Company Application is filed by the Official Liquidator under Section 457(1)(c) of the Companies Act, 1956 read with Rule 9 and 11(b) of the Companies (Court) Rules, 1959.
3. In the affidavit filed in support of this application, it is stated that this Court by order, dated 26.04.2001 in Company Petition No.57 of 1999, ordered winding up of M/s. Sirsilk Limited and appointed the Official Liquidator as its Liquidator under the provisions of the Companies Act, 1956. It is also stated that pursuant to the above order, the Official Liquidator has taken possession of the properties of the company i.e., land and site development admeasuring Acs.48.23 guntas along with buildings and other civil works in Sy.Nos.228, 229 Part, 2 230 Part, 231, 235, 236, 237, 238 Part, 244, 245, 246 and 247, situated at Sirpur Kaghaznagar Village (erstwhile Kothapet) and Mandal, Asifabad District (erstwhile Adilabad District), Telangana State and as per the office records, the Company in liquidation has one secured creditor.
4. It is further stated that by order dated 17.03.2025, in CA.No.72 of 2025 this Court permitted the Official Liquidator to file an application for sale of the assets/properties of the Company (in Liqn.) i.e., land and site development admeasuring Acs.48.23 guntas along with buildings and other civil works in Sy.Nos.228, 229 Part, 230 Part, 231, 235, 236, 237, 238 Part, 244, 245, 246 and 247, situated at Sirpur Kaghaznagar Village (erstwhile Kothapet) and Mandal, Asifabad District (erstwhile Adilabad District), Telangana State.
5. It is further stated that in compliance of the direction of this Court in CA.No.47 of 2021, the Official Liquidator has collected the Valuation report from the Registrar of this Court, wherein it is stated that as per the available records, there is 3 one secured creditor to the company (In Liqn.); that as per the Court order, the Asset Sale Committee was constituted comprising of Official Liqudator, Assistant Official Liquidatoer and Officers representing IDBI to discuss the modalities of sale of assets through e-auction and fixing of Reserve Price, EMD amount, Incremental bid amount, etc for sale of assets/properties of the company (in liqn.).
6. It is further stated that in the Asset Sale Committee meeting held on 15.05.2025, it was observed that as per the valuation report received from the Registry, M/s. N&N Engineering Associates, Valuer for Factory Land & Site Development and Buildings and other civil works, has given valuation report for the immovable property i.e., land and site development admeasuring Acs.48.23 guntas along with buildings and other civil works in Sy.Nos.228, 229 Part, 230 Part, 231, 235, 236, 237, 238 Part, 244, 245, 246 and 247, situated at Sirpur Kaghaznagar Village (erstwhile Kothapet) and Mandal, Asifabad District (erstwhile Adilabad District), Telangana State.
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7. It is further stated that the Asset Sale Committee after due discussion suggested to sale the above assets/properties of company (in Liqn) in single (1) lot through e-auction on 'AS IS WHERE IS AND WHATSOEVER THERE IS BASIS" by fixing the Reserve Price and EMD @10% of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 15.05.2025 and after due discussion, it was decided unanimously in Assets Sale Committee meeting that the Reserve Price for sale of above assets/properties shall be the Realizable Value of the assets as per the Valuation Report, and further the reserve price, earnest money deposit (EMD), incremental Bid amount for entire assets/properties of the company (in Liqn) as decided by the Asset Sale Committee are shown in the tabular form as detailed in the affidavit.
8. It is further stated that the Asset Sale Committee proposed for publication of e-auction Sale Notice for sale of the subject assets/properties 'AS IS WHERE IS AND WHATSOEVER THERE IS BASIS' in (i)'The Economic 5 Times', English Daily Newspaper, All India Editions (ii) 'Namaste Telangana', Telugu Daily Newspaper, all editions covering the State of Telangana, or any other news paper as decided by this Court at DAVP/Govt. rates.
9. It is further stated that the Asset Sale Committee suggested for e-auction of the subject assets/properties through service provider viz., M/s Rail Tel Corporation of India Limited or M/s e-Procurement Technologies Ltd.(auction Tiger.net) or such other agency whoever will offer the lower service charge as this Court may deem fit and proper in this regard and to release the service charges to e-auction service provider from the Estate and Establishment Fund Account subject to recouping the same on realization of the assets/properties since the company (in Liqn.) has no funds.
10. It is further stated that the Official Liquidator be permitted to fix and receive Rs.2,000/- (Non refundable & non adjustable) towards participation fee for each lot and permit the Asset Sale Committee to conduct negotiations with the 6 three (03) highest bidders who have participated in e-auction to fetch the maximum sale price, if necessary.
11. Having regard to the facts and circumstances of the case, the Official Liquidator is permitted to sell the assets/properties of the company (in liquidation) in single (1) lot i.e., land and site development admeasuring Acs.48.23 guntas along with buildings and other civil works in Sy.Nos.228, 229 Part, 230 Part, 231, 235, 236, 237, 238 Part, 244, 245, 246 and 247, situated at Sirpur Kaghaznagar Village (erstwhile Kothapet) and Mandal, Asifabad District (erstwhile Adilabad District), Telangana State, through e-auction service provider viz., M/s Rail Tel Corporation of India Limited or M/s e-Procurement Technologies Ltd.(auction Tiger.net) or such other agency whoever will offer the lower service, on 'AS IS WHERE IS AND WHATSOEVER THERE IS BASIS" by fixing the Reserve Price and EMD @10% of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 15.05.2025, as detailed in the affidavit annexed to this application. The draft e-auction sale 7 notice and terms and conditions of sale of the above assets/properties as appended to the present application are hereby approved.
12. The Official Liquidator is permitted to publish e-auction sale notice for sale of above assets/properties of the Company- in-Liquidation in a) 'Economic Times', English Daily, All India Editions and (b) 'Namaste Telangana', Telugu Daily, covering Telangana and incur the publication charges from and out of the funds available in the account of the Company- in-Liquidation.
13. Further, the Official Liquidator is permitted to return the EMD amount to the unsuccessful bidders after retaining the EMD amount of 1st, 2nd and 3rd highest bidders participated in the e-auction till confirmation of sale by this Court and deposit of balance sale consideration by the Successful/Highest bidder.
14. The Official Liquidator is also permitted to amend/alter/modify the Sale Notice to be displayed on web portal as per the procedure/norms of the e-auction service provider.
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15. The other incidental prayers in connection with cost of the application and any miscellaneous expenses are also permitted to be met out by the Official Liquidator from the available funds of Estate and Establishment Fund account as set-out in the application is also granted.
16. Accordingly, this application is ordered. No costs.
Miscellaneous applications, if any pending, shall stand closed.
_________________ K. LAKSHMAN, J 9th SEPTEMBER, 2025.
PNS