Madhya Pradesh High Court
In Ref : M/S Dhar Cement Ltd. vs --- on 14 February, 2017
COMP-17-2002
(IN REF : M/S DHAR CEMENT LTD. Vs ---)
14-02-2017
OLR No.43/2016:-
In view of the order dated 19.9.2016 no further orders on this OLR
is required.
OLR No.43/2016 accordingly stands closed.
OLR No.59/2016:-
Shri H.Y. Mehta, learned counsel for the OL.
Shri D.S. Panwar, learned counsel for the workers.
Shri Vijayesh Atre, learned counsel for the Ex-Directors of the
Company-in-Liquidation.
Heard.
By this OLR a prayer has been made for sanctioning the report of
the valuer in respect of Lot No.1 of the assets of the Company in
liquidation and the steps for selling those assets. The other prayer
is to direct the ex Director/Promotor Shri Pradeep Kasliwal to
inform about and handover the missing plant and machineries etc.
Having heard the learned counsel for the parties, it is noticed that
in pursuance to the order of this Court dated 19.9.2016 the
independent valuer MPCON had carried out the valuation of the
assets of the Company-in-Liquidation and has submitted the report
in the sealed cover. This court by order dated 20.12.2016 had
opened the sealed cover and had directed the office to supply a
copy of the valuation report to counsel for the OL and permitted all
the concerned parties to obtain a copy thereof from the OL and
submit the objection.
No objections to the valuation report have been received and the
parties concerned have consented to the same, hence the report of
the valuer is accepted.
The OL is permitted to take necessary steps for sale of the assets
covered by Lot No.1 through E-auction and to incur necessary
expenditure in this regard. He is permitted to publish the sale
notice for inviting E-tender in two newspapers (1) The Economic
Times â M.P. Edition (English Daily) and (2) Nai Dunia â M.P.
Edition (Hindi Daily). The OL is permitted to release the advertising
expenses of sale notice to the advertising agency and fee for
conducting e-auction to M/s e-Procurement Technologies Ltd.
Ahmedabad, out of the funds available in the account of the
Company-in-Liquidation on the usual terms and conditions. The OL
is permitted to file a separate report in respect of sale of the assets
of Lot No.1 after completing the aforesaid formalities.
The OLR reveals that at the time of valuation of assets of the
Company-in-Liquidation some of the machine parts, electric motor,
heavy plates were not found on the spot, the details of which are
disclosed in Para 5 of the OLR. As per the report these assets were
released to the representative of the promoter by the order of the
Court from the Police Station Gandhwani.
This issue has been contested by Shri Vijayesh Atre, learned
counsel for the ex Director by submitting that these items are lying
in the premises of the respondent Company but may have been
missed by the valuer. He has sought an opportunity to visit the premises along with the valuer and other representatives so that he can point out as to where these items are lying. The prayer seems to be justified, therefore, the ex Director/Promoter Shri Pradeep Kasliwal through his representative is permitted to visit the premises along with the OL, the concerned person from the MPCON who had done the original valuation as also three representatives of the workers. The visit will be organised in coordination with the OL. If the missing assets are found on the spot, then the MPCON will carry out the valuation of those missing assets also in accordance with law and the earlier directions of this Court. The expense of visit will be borne by the promotor Shri Pradeep Kasliwal.
Shri Vijayesh Atre, learned counsel for the Promoter is directed to place on record a copy of the Supurdnama order of the Court, on the basis of which the properties were obtained from the police station.
List on 21.3.2017.
IA Nos.3057/16, 5569/16 & 7084/16 :-
None present for the applicant. Adjourned.
OLR No.44/2016 & 48/2016:-
Reply to the OLR No.44/2016 has already been filed. The OL is directed to supply a copy of OLR No.48/2016 to Shri Vijayesh Atre, learned counsel for the ex Director/Promoter of the Company-in-Liquidation within one week. Let the reply to this OLR be filed before the next date of hearing.
IA No.215/2017:-
Shri Vijayesh Atre, learned counsel for the applicant is directed to supply a copy of the IA to counsel for the OL and to Shri Milind Phadke, learned counsel for the State. Shri Vijay Tulsiyan, learned counsel has accepted notice on behalf of the respondent No.2 Ultratech Cement Ltd. Let the reply to this IA be filed by the respondents within two weeks.
It will also be open to Shri D.S. Panwar, learned counsel for the workers to obtain a copy of this IA from counsel for the applicant. List along with IA Nos.2608/16 and 7060/15 on 21.3.2017.
Counsel for the OL also prays for time to examine IA No.3282/2015 and make his submissions on the next date. Let all other IAs listed today be also listed for consideration on the next date of hearing.
List on 21.3.2017.
(PRAKASH SHRIVASTAVA) JUDGE