Telangana High Court
M/S. Enso Secutrack Limited. In Liqn vs The Chief Manager on 19 August, 2025
Author: K. Lakshman
Bench: K. Lakshman
THE HON'BLE SRI JUSTICE K. LAKSHMAN
COMPANY APPLICATION No. 179 of 2025
in
COMPANY PETITION Nos.207 of 2011 and 45 of 2012
ORDER:
Heard Mr.J.Srinadh Reddy, learned counsel for the Official Liquidator.
2. This application is filed under Section 457(1)(c) of the Companies Act, 1956 read with Rules 9 and 11(b) of the Companies (Court) Rules, 1959.
3. According to the Official Liquidator, he has caused publication of e-auction notice dated 21.04.2025 in 'The Economic Times' (English Daily Newspaper) and 'Namasthe Telangana' (Telugu Daily Newspaper) on 24.05.2024, as per DAVP rates/Government rates for sale of assets/properties of the Company, AS IS WHERE IS AND WHATSOEVER THERE IS BASIS, fixing the auction on 29.05.2025 from 11.30 A.M. to 02.30 P.M. Even then, Official Liquidator has not received single bidder. The said property i.e., Flat No.121 in Amrutha Ville, Area 1252 square feet (including common 2 area and parking) on the first floor of the premises bearing Municipal No.6-3-1091/13 to 15 in Sy.Nos.14 and 15, with an undivided share of 34.78 square yards, situated at Raj Bhavan Road, Somajiguda, Hyderabad, along with movable assets. Therefore, they have obtained valuation from Rs.70.78 lakhs to Rs.62.82 lakhs and the Official Liquidator is seeking permission to sell the entire assets/properties through e-auction on, AS IS WHERE IS AND WHATSOEVER THERE IS BASIS, by fixing the distress value as Reserve Price and EMD @ 10% of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 03.07.2025.
4. 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 (i) Flat No.121 in Amrutha Ville Area 1252 square feet (including common area & parking) on the 1st floor of the premises bearing Municipal No.6-3-1091/13 to 15, in Sy.Nos. 14 and 15, with an undivided share of 34.78 square yards, situated at Raj Bhavan 3 Raod, Somajiguda, Hyderabad. ii) Movable assets lying at Flat No.121, 1st floor, Amrutha Ville, Raj Bhavan Road, Somajiguda, Hyderabad-500082 i.e., Office Furniture, Computers & Printers, CCTV Surveillance Cameras, Currency Counting Machines and other equipments, spare parts, etc, as per valuation report and motor vehicles (two cars - Tata Indica registered in the year 2006 & Maruthi Omni registered in the year, 2004 & LML Vespa, registered in the year, 2004) kept in the parking of Flat No.121, Amrutha Ville, Somajiguda, Hyderabad, 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 distress value as Reserve Price and EMD @10% of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 03.07.2025, as detailed in the affidavit annexed to this application. The draft e-auction sale notice and terms and conditions of sale of the above 4 assets/properties as appended to the present application are hereby approved.
5. 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.
6. 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.
7. 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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8. 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.
9. Accordingly, this application is ordered. No costs.
Miscellaneous applications, if any pending, shall stand closed.
_________________ K. LAKSHMAN, J 19th AUGUST, 2025.
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