Telangana High Court
M/S. Enso Secutrack Limited., In ... vs The Chief Manager on 21 February, 2025
Author: T. Vinod Kumar
Bench: T. Vinod Kumar
THE HON'BLE SRI JUSTICE T. VINOD KUMAR
COMPANY APPLICATION No. 37 of 2025
in
C.P.Nos.207 of 2011 & 45 of 2012
ORDER:
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.
2. Heard Sri J.Srinadh Reddy, learned counsel for the Official Liquidator, and perused the affidavit filed in support of this company application.
3. In the affidavit filed in support of this application it is stated that this Court by order, dt.05.10.2018 and 15.12.2018, in Company Petition Nos.207 of 2011 & 45 of 2012, ordered winding up of M/s Enso Secutrack 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., registered office premises situated at Flat No.121, 1st Floor, Amrutha Ville, Raj Bhavan Road, Somajiguda, Hyderabad, and movable assets lying therein and motor vehicles (three) i.e., (1) Indica Car bearing registration No.AP 13 J 7731; (2) Maruthi Van bearing registration No.AP 09X 5722 and (3) LML Scooter bearing registration No.AP 09 AT 2 7560 and as per the office records, the Company in liquidation has one secured creditor.
4. It is further stated that by order dt.25.10.2024, in CA.No.102 of 2024 this Court permitted the Official Liquidator to file an application for sale of the assets/properties of the Company (in Liqn.) i.e., Flat No.121, 1st Floor, Amrutha Ville, Op:
Yashodha Hospital, Raj Bhavan Raod, Somajiguda, Hyderabad -
500082 along with movable assets lying therein and motor vehicles (3 Nos.).
5. It is further stated that in compliance of the direction of this Court in CA.No.102 of 2024, 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 one secured creditor to the company (In Liqn.); that as per the Court order, the Asset Sale Committee was constituted comprising of Official Liqudator, Senior Technical Assistant and Officer representing ARCIL 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.).
3
6. It is further stated that in the Asset Sale Committee meeting held on 05.12.2024, it was observed that as per the valuation report received from the Registry, Shri Pradeep Kaparthi, Valuer, has given valuation report for the abovementioned immovable and movable properties, which is as under:
1) 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 Raod, Somajiguda, Hyderabad.
2) 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).
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 05-12-2024 and after due discussion, it was decided 4 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 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 Hon'ble 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 5 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 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., 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 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, 6 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 Reserve Price and EMD @10% of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 05.12.2024, as detailed in the affidavit annexed to this application. The draft e-auction sale 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 Hon'ble Court and 7 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.
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.
____________________ T. VINOD KUMAR, J Date: 21.02.2025 Ssy/es