Madhya Pradesh High Court
In Ref M/S Maheshwari Proteins Ltd. vs Recd. From Bifr New Delhi on 25 July, 2017
COMP-2-2001
(IN REF M/S MAHESHWARI PROTEINS LTD. Vs RECD. FROM BIFR NEW DELHI)
25-07-2017
IA No.205/2016:-
None present for the applicant.
Shri H.Y. Mehta, learned counsel for the O.L. Shri Nilesh Sharma, learned counsel for the Radha Kishan Seva Sadan Trust submits that he has not received copy of the IA and enclosures, though twice this Court has directed.
Counsel for the applicant is granted last opportunity of two weeks to supply the same to Shri Nilesh Sharma Advocate and file the acknowledgment before the Registry, failing which the IA will be dismissed without reference to the Court.
IA No.7468/2016:-
Shri Nilesh Sharma, learned counsel for the applicant prays for adjournment.
List on the next date of hearing.
OLR No.44/2017:-
Shri H.Y. Mehta, learned counsel for the OL.
Heard.
By this OLR a prayer has been made for accepting the highest offer in respect of Lot No.1 and to grant permission to take fresh steps for sale of Lot No.2.
It has been pointed out by learned counsel for the OL that this Court vide order dated 10.4.2017 had permitted the OL to sale the assets of Lot No.1 and 2. Thereafter the necessary steps such as publication of E- Auction Sale Notice for inviting E-tender for both the lots were taken and the bids were invited. The highest bid in respect of Lot No.1 was received from M/s Saad Trading Company amounting to Rs.7 Lacs. The Asset Sale Committee in its meetig dated 17.5.2017 had decided to accept the highest bid of Lot No.1 submitted by M/s Saad Trading Company. Hence a prayer has been made to confirm the sale. It has also been pointed out that only EMD of Rs.15,000/- has been deposited and the balance consideration amount of Rs.6,85,000/- after adjusting the EMD is to be paid. No objection to the aforesaid offer has been received even after filing of this OLR.
Having regard to the aforesaid circumstances of the case, the bid of M/s Saad Trading Company for Rs.7 Lacs in respect of Lot No.1 is approved and accepted. The sale in favour of the aforesaid bidder for Lot No.1 is confirmed subject to deposit of the balance consideration amount within a period of 30 days from today. On deposit of the balance consideration amount, the OL is permitted to execute the sale deed in respect of the assets/properties of Lot No.1 in favour of M/s Saad Trading Company and handover the possession of those assets.
In respect of Lot No.2 it has been disclosed that no offer was received, therefore, the Asset Sale Committee in its meeting dated 17.5.2017 has taken a decision to make another attempt of sale of assets of Lot No.2 with a discount of 15% in the Reserve Price on the basis of earlier valuation report dated 10.10.2016. The prayer has been made to permit the OL to take further steps in this regard.
Having regard to the decision which has been taken by the Asset Sale Committee in its meeting dated 17.5.2017 and also the circumstances which are disclosed in the OLR, the prayer in respect of Lot NO.2 is granted and OL is permitted to sale the assets of Lot No.2 on the new Reserve Price and EMD fixed by the Asset Sale Committee as disclosed in Para 8 of the OLR. The OL is also permitted to invite the bid/offer from prospective buyers in association with the Asset Sale Committee through E-auction and incur necessary expenses in this regard. For this purpose the OL is permitted to publish the sale notice of Lot No.2 by inviting E-tenders in two newspapers; one in English and the other in Hindi on DAVP/Government rate i.e. (a) The Economic Times â All India Edition (English Daily) and (b) Dainik Bhaskar â M.P. Edition (Hindi Daily). The OL is also permitted to release the advertisement expenses of Sale Notice to the advertising agency and fee as per terms and conditions dated 4.4.2016 of M/s. e-Procurement Technologies Ltd., Ahmedabad out of the funds available in the account of the Company-in- Liquidation.
The OLR No.44/2017 is accordingly disposed off. List after six weeks.
(PRAKASH SHRIVASTAVA) JUDGE