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Madhya Pradesh High Court

In Ref M/S Maheshwari Proteins Ltd. vs Recd. From Bifr New Delhi on 10 April, 2017

                              COMP-2-2001
       (IN REF M/S MAHESHWARI PROTEINS LTD. Vs RECD. FROM BIFR NEW DELHI)


10-04-2017

Applicant through counsel.

Shri H.Y.Mehta, counsel for the O.L..

Shri Neelesh Sharma, counsel for Radhakrishna Seva Sadan Trust prays for and is granted 3 weeks time to file the reply of I.A..

List along with I.A.No.7468/2016 after 3 weeks.

Shri H.Y.Mehta, counsel for the O.L..

None for other parties.

Along with OLR, the valuation report for Lot No.1, land admeasuring 0.05 Hect. at Khasra No.19/11/1/2 situated at village Hapukhedi, Ratlam and Lot No.2, land admeasuring 4000 sq.ft. at Power House Road, Ratlam has been submitted. The valuation report submitted by the valuer M/s MPCON Ltd. in a sealed cover was opened by this Court and by order dated 17.2.2017 all the concerned parties were permitted to obtain a copy thereof and file the objection.

No objections have been received.

In view of aforesaid, the valuation report submitted by M/s MPCON Ltd. in respect of Lot Nos.1 and 2 is accepted. The Official Liquidator is permitted to sell the assets of Lot Nos.1 and 2 by inviting bid/offer from prospective buyers in association with Asset Sale Committee through 'e-auction' which shall be conducted by M/s e- Procurement Technologies Pvt. Ltd and to incur the necessary expenses in this regard. Official Liquidator is also permitted to publish Sale Notice by inviting 'e-tender' in two newspapers namely- The Economic Times - All India Edition(Engligh Daily) and Dainik Bhasker- M.P.Edition (Hindi Daily). Official Liquidator is also permitted to release the advertisement expenses of Sale Notice to the advertising agency and fees for conducting 'e-auction' to M/s e- Procurement Technologies Ltd., out of the fund available in the account of the company in liquidation.

OLR is accordingly disposed of.

By this OLR, a payer has been made by the O.L. to approve the Reserve Price and EMD fixed by the Asset Sale Committee in respect of Lot Nos.1 and 2.

Counsel for the O.L. has pointed out that Reserve Price and EMD has been fixed by the Asset Sale Committee in its meeting dated 15.3.2017 and the same has been disclosed in para 4 of the OLR.

In view of above submission and the fact that Reserve Price and EMD have already been approved in the meeting of Asset Sale Committee, I am of the opinion that prayer No.2 made in the OLR deserves to be allowed. Accordingly, the Reserve Price and EMD fixed by the Asset Sale Committee is approve and same can be mentioned in the 'e-auction' sale notice.

OLR is accordingly disposed of.

List after 4 weeks.

(PRAKASH SHRIVASTAVA) JUDGE