Gujarat High Court
Official Liquidator Of M/S. Sohm ... vs Manager, Punjab National Bank on 6 May, 2025
NEUTRAL CITATION
C/OLR/4/2025 ORDER DATED: 06/05/2025
undefined
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 4 of 2025
In R/OFFICIAL LIQUDATOR REPORT NO. 54 of 2024
==========================================================
OFFICIAL LIQUIDATOR OF M/S. SOHM (INDIA) PRIVATE LTD. (IN LIQN.)
Versus
MANAGER, PUNJAB NATIONAL BANK & ORS.
==========================================================
Appearance:
SHIVANG A THACKER(7424) for the Applicant(s) No. 1
ANMOL A MEHTA(8390) for the Respondent(s) No. 3
DHRUVKUMAR S CHAUHAN(8138) for the Respondent(s) No. 1
KEWAL J SHAH(9579) for the Respondent(s) No. 2
==========================================================
CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT
Date : 06/05/2025
ORAL ORDER
(1) Heard, Mr. Shivang Thaker, Ld. Panel Advocate for the applicant, Mr. Dhruvkumar S. Chauhan, Ld. Advocate, for the respondent No.1, Mr. Kewal J. Shah, Ld. Advocate, for respondent No.2 and Mr. Anmol A. Shah, Ld. Advocate for respondent No. 3.
(2) The Official Liquidator has filed the present report with following prayers:--
(A) "This Hon'ble Court may be pleased to consider the highest bid received for Lot No.(3) (Composite Lot) from M/s. Prakash Agro Mills of Rs.6,45,00,000/- as per e-auction conducted by M/s. RailTel Corporation of India Ltd., New Delhi, as per terms and conditions of sale and/or such other and further Page 1 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined terms and conditions as may be considered appropriate by this Hon'ble Court in the matter. (B) This Hon'ble Court may be pleased to permit the Official Liquidator to make payment of Rs.1,86,621/-, to M/s. Global Network Advertising., Advertising Agency being the advertisement expenses, as per advertisement agency's bill dated
02.12.2024 at Annexure - "B" to this report being the advertisement expenses from the Common Pool Account maintained by the Office of the Official Liquidator subject to condition that same will be reimburse from the Sale Consideration on priority basis being Liquidation Expense. (C) This Hon'ble Court may be pleased to direct successful bidder to pay cost of Rs.30,000/- to e- auction agency as per Clause (31) of Terms and Condition of Sale, if sale is confirmed in their favour, otherwise Official Liquidator may be permitted to pay an amount of Rs.10,000/- to e- auction agency if auction may fails and sale is not confirmed in favour of successful bidder from the Common Pool Account maintained by the Office of the Official Liquidator subject to condition that same will be reimburse from the Sale Consideration on priority basis being Liquidation Expense. (D) This report is submitted for such other and further orders and directions as may be considered just and appropriate by this Hon'ble Court."
(3) It would appear from records that in compliance of the order dated 22.10.2024 passed by this Court in OLR No. 54 of 2024, the Official Liquidator published sale Page 2 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined proclamation in "Gujarat Samachar", Gujarati script and "Times of India", English script both in in all Gujarat Edition on 02.12.2024 though M/s. Global Network Advertising, an empanelled advertising agency. Mr. Shivang Thacker, Ld. Panel Advocate for the Official Liquidator, further apprised that the Official Liquidator also webcasted the sale proclamation on the website of the High Court of Gujarat and Ministry of Corporate Affairs for wider publicity. The sale notice was issued for following assets and properties of the company in liquidation:--
Lot Description of Upset Price EMD No. properties (Rs) (Rs.) I Approx. 4723.00 Sq.
Mtrs., freehold
Industrial N. A.
land along-with Civil
Construction situated 4,11,00,000/ 41,10,000/-
84, Changodar -
Industrial Estate,
Mouje Changodar,
Tal. Sanand, Dist.
Ahmedabad
II Plant & Machineries 64,00,000/- 6,40,000/-
III Composite Lot 4,75,00,000/
47,50,000/-
(No.01 to 02) -
(4) Mr. Shivang Thacker, Ld. Panel Advocate further
informed that pursuant to the sale proclamation published in newspapers on 02.12.2014, 15 (Fifteen) tender forms Page 3 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined were sold and out of which 01 offer each received for Lot No. I & 02, however, 6 offers for Lot No.III (Composite Lot) were received upto the cut off date from intending purchasers to purchase the assets of the company in liquidation.
(5) Mr. Shivang Thacker, Ld. Panel Advocate, informed that as per schedule fixed by the Court, online inter-se- bidding amongst 06 (six) intending purchasers for Lot No. (III) were carried out by the Official Liquidator through the portal of M/s. RailTel Corporation of India Ltd, empanelled E-auction Agency, i.e. https;//olauction.enivida.com on 23.12.2024. M/s. RailTel Corporation of India Ltd., New Delhi, vide its email dated 24.12.2024 informed the Official Liquidator that auction was completed successfully and forwarded the auction report to the Official Liquidator. As per auction report submitted by M/s. RailTel Corporation of India Ltd., the highest offer received from intending purchaser for Lot No. I , II and III are as under:--
Lot No. & Name of Upset Price Highest Particular Successful (Rs.) Offer (Rs.) s Bidders 1 M/s. Skill (Land & Techno Krafts 4,51,00,000/ Civil 4,11,00,000/-
-
Constructi on) Page 4 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined 2 M/s. Moral (Plants & Fiber Pvt. Ltd., 64,00,000/- 98,00,000/-
Machineri es) 3 M/s. Prakash (Composit Agro Mills 4,75,00,000/- 6,45,00,000 e Lot) (6) Mr. Shivang Thacker, Ld. Panel Advocate, informed that M/s. Prakash Agro Mills has emerged as the highest bidder of composite Lot No.03 than individual highest offer made by M/s. Skill Techno Krafts and M/s. Moral Fiber Private Limited for Lot No.01 and 02 respectively. Accordingly, the Official Liquidator proposes to confirm the sale of Lot No.03 i.e. Composite Lot in favour of M/s. Prakash Agro Mills who has submitted the highest offer of Rs.6,45,00,000/- against upset price of Rs.4,75,00,000/-
(7) It would appear from the auction report submitted by M/ s. RailTel Corporation of India Ltd., that M/s. Prakash Agro Mills, the respondent no.2 emerged as the highest bidder for Lot No.III for an amount of Rs.6,45,00,000/- and M/s. S Kumar Multi Product Pvt. Ltd., the respondent No.3, emerged as the second highest bidder for an amount of Rs.6,35,00,000/- against the upset price of Rs. 4,75,00,000/-.
Page 5 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined (8) Mr. Anmol Mehta, Ld. Advocate for respondent No.03, informed that they have filed Affidavit-in-reply dated 07.04.2025 in the present proceeding. By way of the said affidavit, the respondent prayed this Court to refund the EMD amount of Rs.47,50,000/- with accrued interest since respondent no.3 is not further interested in the tender process anymore.
(9) In response of the same, Mr. Thacker, Ld. Panel Advocate, drawn attention of this Court towards clause (05) & (33) of the terms and conditions of sale dated 26.11.2024, which is reproduced as under:--
(5)"The interest free Earnest Money Deposit [EMD] amount should be deposited by way of NEFT/RTGS in the account of "EMD Account of Official Liquidator", Current Account No. 0960002105018295, Punjab National Bank, Ashram Road Branch, Ahmedabad, RTGS/NEFT/IFS Code :
PUNB0017010.........." (33)"The EMD of unsuccessful bidders will be returned to them after conclusion of the e-
auction. The EMD of the highest bidder and also of the second highest bidder will be retained by the Official Liquidator. The EMD of the second highest bidder will be returned only after receipt of 25% of the Page 6 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined sale consideration from the successful bidder. EMD will be refunded only by RTGS/NEFT mode by online banking payment system by transferring the amount directly to the Bank Account of the bidders. Therefore, the bidders are required to furnish their Bank Account details on a separate sheet attached with these Terms & Conditions, for refund of EMD as the case may be"
(10) Mr. Thacker, Ld. Panel Advocate, informed that all bidders including respondent no.02 participated in auction proceeding pursuant to the terms and condition of sale, so they are very well aware about the terms and condition of sale. On the strength of the terms and condition of sale, Mr. Thacker, Ld. Panel Advocate, submitted that the EMD of the second highest bidder, respondent no.03, shall be refunded by the Official Liquidator without interest, only after receipt of 25% of the sale consideration from the successful bidder.
(11) Learned advocate appearing for the secured creditor, submitted that the offer made by the M/s. Prakash Agro Mills is adequate and appropriate. The secured creditor Page 7 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined has no objection if the sale of Lot No.III may be confirmed in favour of M/s. Prakash Agro Mills, Respondent No.02, for an amount of Rs.6,45,00,000/-.
(12) Considering the submission made by all parties, following directions are passed: --
(i) The bid received from respondent no.02 herein i.e. M/s. Prakash Agro Mills for Lot No.III i.e.( Approx.
4723.00 Sq. Mtrs., freehold Industrial N. A. land along-with Civil Construction, Plants and Machineries situated at 84, Changodar Industrial Estate, Mouje Changodar, Tal. Sanand, Dist. Ahmedabad) for an amount of Rs. 6,45,00,000/- is directed to be accepted and the sale confirmed in favour of Respondent No.02 subject to payment of balance sale consideration by the respondent no.02 as per the terms and conditions specified in the tender documents.
(ii) The Official Liquidator is directed to refund EMD of the second highest bidder i.e. M/s. S Kumar Multi Product Pvt. Ltd., Respondent No.03, only after receipt of 25% of the sale consideration from the successful bidder. The said EMD will be refunded only by RTGS/NEFT mode by transferring Page 8 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025 NEUTRAL CITATION C/OLR/4/2025 ORDER DATED: 06/05/2025 undefined the amount directly to the bank account of the second highest bidder as per clause (33) of the Terms and Conditions of Sale.
(iii) The successful bidder i.e. the respondent no.02 herein is directed to pay the cost of Rs.30,000/- plus applicable GST to M/s. RailTel Corporation of India Limited i.e. the e-auction agency within a period of one month from today through the Official Liquidator.
(iv) The Official Liquidator is permitted to make payment of Rs.1,86,621/-, to M/s. Global Network Advertising., Advertising Agency being the advertisement expenses, as per advertisement agency's bill dated 02.12.2024 from the 'Common Pool Account' maintained by the Office of the Official Liquidator subject to condition that same will be reimbursed from the sale consideration on priority basis being Liquidation Expenses.
(13) With these observations and directions, the present Official Liquidator Report is allowed and stands disposed of.
(MAUNA M. BHATT,J) SHRIJIT PILLAI Page 9 of 9 Uploaded by SHRIJIT PILLAI(HC01400) on Thu May 08 2025 Downloaded on : Fri May 09 02:32:16 IST 2025