Madhya Pradesh High Court
In Ref M/S Maheshwari Proteins Ltd. vs Recd. From Bifr New Delhi on 9 October, 2023
Author: Subodh Abhyankar
Bench: Subodh Abhyankar
1 IN THE HIGH COURT OF MADHYA PRADESH AT INDORE COMP No. 2 of 2001 (IN REF M/S MAHESHWARI PROTEINS LTD. Vs RECD. FROM BIFR NEW DELHI) Dated : 09-10-2023 Ms. Ritu Bhargava, learned counsel for the petitioner.
Shri H.Y.Mehta, learned counsel for the OLR. OLR present in person.
Heard on OLR 36/2023 in which following relief has been sought for:-
(i) Report of the Official Liquidator may kindly be perused and taken on record.
(ii) In view of submissions at Para 4 & 5 above, valuation reports (Annexure "A" and "B") submitted by Valuer may kindly be opened and Reserve Price and Earnest Money Deposit may kindly be fixed for mentioning in the sale notice.
Registry may kindly be directed to give one copy of valuation reports of the assets/properties of the company (In-Liqn) to the official Liquidator to proceed further in the auction proceedings.
(iii) In view of submission at Para 6 above necessary permission may kindly be granted to Official Liquidator to release payment of Rs.30,000/- (inclusive of taxes) to M/s Lalit Kale & Associates, valuer for conducting valuation of assets/properties of the Company (In-Liqn).
(iv) In view of submission at Para 7 above, necessary permission may kindly be granted to the official liquidator for sale of assets/properties by inviting the bid/offer from prospective buyers Signature Not Verified Signed by: REENA SUDHIR DAS Signing time: 09-10-2023 18:17:33 2 through "e-auction" and to incur necessary expenses in this regard.
( v) In view of submission at Para 8 above, necessary permission may kindly be granted for publication of sale Notice by inviting e-tenders in two newspaper (one in English Daily and other one is in Hindi Daily) i.e,
(a) The Economic Times- All India Edition (English Daily)
(b)Dainik Bhaskar -MP Edition (Hindi Daily)
vi) Necessary permission may kindly be granted tot he official liquidator to release the advertisement expenses of sale notice to the advertising agency and fee for conducting e-auction to M/s Railtel Corporation of India Ltd, out of fund available in the account of the company (In-Liqn) And Such other order(s) as this Hon'ble Court deem fit and proper may kindly be passed in the circumstances of the case."
And also heard on OLR 10/2019 in which following relief has been sought for:-
(i) Report of the Official Liquidator may kindly be perused and taken on record.
(ii) In view of submissions at Para 5 above, the Valuation report of assets/properties of the company (In-Liqn) marked as (annexure "B" colly) submitted by Valuer M/s MPCON Limited, may kindly be opened for fixing the Reserve Price and Earnest Money Deposit for mentioning in Sale Notice. Registry may kindly be directed to provide one copy of valuation report to the Official Liquidator to proceed further in the auction proceedings.Signature Not Verified Signed by: REENA SUDHIR DAS Signing time: 09-10-2023 18:17:33 3
(iii) In view of submission at Para 6 above, necessary permission may kindly be granted to the Official Liquidator for sale of assets/properties of the company (In-Liqn) by inviting the bid/offer from prospective buyers through "e-auction" and to incur necessary expenses in this regard.
(iv) In view of submission at Para 7 above, necessary permission may kindly be granted for publication of sale notice by inviting e-tenders in two newspapers (one is in English Daily and other one is in Hindi Daily ) i.e..
(a) Economic Times- All India Edition (English Daily)
(b) Dainik Bhaskar -MP Edition (Hindi Daily)
(v) In view of submission at Para 8 above, necessary permission may kindly be granted to release the advertisement expenses to the advertising agency and fee for conducting e-auction to M/s e-Procurement Technologies Ltd., out of the account of the company (in Liqn) And Such other order(s) as this Hon'ble Court deem fit and proper may kindly be passed in the circumstances of the case."
Learned counsel for the official liquidator has submitted that the valuation report has been received which is placed on record along with the aforesaid OLR and the same would be opened and be allowed to be proceeded in accordance with law.
Prayer seems to be reasonable.
In view of the same, the valuation report is opened and the Registry is directed to furnish a copy of the report to the OLR, who shall proceed further Signature Not Verified Signed by: REENA SUDHIR DAS Signing time: 09-10-2023 18:17:33 4 in accordance with law.
So far as the fees of the valuer which is Rs.30,000/-, the same be paid to Lalit Kale and Associates.
Let compliance report be filed within 8 weeks. Accordingly OLR No.36/2023 and OLR No.10/2019 stands disposed of. It is also observed that the counsel for the MPFC need not appear on each and every date of hearing.
List the matter in the week commencing 4.12.2023.
(SUBODH ABHYANKAR) JUDGE das Signature Not Verified Signed by: REENA SUDHIR DAS Signing time: 09-10-2023 18:17:33