Gujarat High Court
Ol Of Essen Computers Ltd (In ... vs Director Essen Finance And Investment ... on 11 May, 2018
Author: C.L. Soni
Bench: C.L. Soni
C/OLR/51/2018 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 51 of 2018
In COMPANY PETITION NO. 97 of 1995
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OL OF ESSEN COMPUTERS LTD (IN LIQUIDATION)
Versus
DIRECTOR ESSEN FINANCE AND INVESTMENT LTD
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Appearance:
MR JEET J BHATT(6154) for the PETITIONER(s) No. 1
for the RESPONDENT(s) No. 1,2
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CORAM: HONOURABLE MR.JUSTICE C.L. SONI
Date : 11/05/2018
ORAL ORDER
[1] Following are the prayers made in para-6 of the present report.
(a) This Hon'ble Court may be pleased to approve the Upset Price and EMD for sale of the assets and properties of the Company in liquidation as stated in para-4 (Table-"A") of this report or such other upset price, EMD, as may be considered appropriate by this Hon'ble Court.
(b) This Hon'ble Court may be pleased to permit the Official Liquidator to issue advertisement in newspapers namely "Gujarat Samachar" Gujarati daily in all Gujarat Editions and "Times of India" all Gujarat Edition for inviting offers for sale of assets of the company in liquidation or in such other newspapers as may be considered appropriate by this Hon'ble Court and also permit the Official Liquidator to make the payment of advertising agency on receipt of the bill from common pool fund of various company in liquidation as maintained by the Official Liquidator subject to adjustment against the sale consideration to be received in Company account.
(c) This Hon'ble High Court may be pleased to approve the sale Page 1 of 4 C/OLR/51/2018 ORDER schedule for the assets and properties of both unit of the company in liquidation as stated in para-4 of this report or such other schedule, as may be considered appropriate by this Hon'ble Court.
(d) This Hon'ble High Court may kindly permit the Official Liquidator to conduct e-auction through e-auction agency M/s.e-procurement Technologies Ltd and may kindly approved Terms and Conditions dated 19.01.2018 of the said agency for sale of assets of the company on date as may be fixed and subject to confirmation by this Hon'ble Court.
(e) This Hon'ble High Court may further permit the Official Liquidator to file further report for confirmation of sale upon completion of bidding process and after receipt of report from the e-auction agency or as may be directed in this regard by the Hon'ble High Court of Gujarat.
(f) This Hon'ble High Court may be pleased to pass such further and other orders and directions as may be considered just and appropriate in facts and circumstances of the case.
[2] Learned advocate Mr.Bhatt has taken to the Court to the valuation report, as also minutes of the meeting of the sale committee held on 04.05.2018 at Annexure - B and submitted that the sale committee has decided to recommend fixation of the upset price as per the estimated average fair market value arrived at by the approved valuer for the two properties. He also submitted that as suggested by the representatives of the secured creditors, the sale committee has decided to seek approval of this Court for auction of the properties of the company in liquidation through e- auction process by engaging e-auction agency on the terms and condition as acceptable to the e-auction agency. Mr.Bhatt submitted that the Court may permit issuance of the sale proclamation in two newspapers as suggested in the report by notifying the sale schedule as given in the report.
[3] The Court having heard learned advocate Mr.Bhatt and having considered the valuation report for two properties referred as unit Page 2 of 4 C/OLR/51/2018 ORDER situated at plot No.A/7 and unit situated at plot No.A/10, finds that the sale committee has considered such valuation report and recommended fixing upset price and EMD as per the estimated average fair market value of both the properties. Such recommendation is required to be accepted. It appears from the minutes of the meeting at Annexure - B that the sale committee has also discussed to implement auction in the sale process by engaging e-auction agency and decided to engage e-auction agency
-M/s.Procurement Technologies Limited to carry out e-auction as per the terms and conditions dated 19.01.2018 and recommended to allow the sale of the company's properties through process of e- auction by the above e-auction agency.
[4] In view of the above, the Court finds that the upset price and EMD is required to be fixed as recommended by the sale committee and the Official Liquidator could be permitted to conduct e-auction through e-auction agency M/s.e-Procurement Technologies Limited on the approved terms and conditions dated 19.01.2018. Therefore, it is ordered that the upset price for sale of the assets and properties of the company in liquidation as mentioned in para-4 of the report shall be fixed at Rs.12,50,00,000/- and Rs.11,61,50,000/- for lot no.I and lot no.II (plot no.A/7 and plot no.A/10) respectively and EMD shall be 10% thereof i.e. Rs.1,25,00,000/- and Rs.1,16,15,000/- for lot no.I and lot no.II respectively. The Official Liquidator shall issue advertisement for sale of the assets and properties of the company in liquidation in Gujarati daily "Gujarat Samachar" in Gujarati Script and in English daily "Times of India" in English Script.
[5] The Official Liquidator is permitted to conduct e-auction process through e-auction agency - M/s.e-Procurement Page 3 of 4 C/OLR/51/2018 ORDER Technologies Limited as per the approved terms and conditions dated 19.01.2018 for the sale of the assets and properties of the company in liquidation. On completion of e-auction process, the Official Liquidator shall file appropriate report in connection with e- auction process conducted by him.
[6] The sale schedule for sale of the properties shall be as under:
Date of Advertisement 18.05.2018
Date of issuance of Tender Forms 23.05.2018
Date of Inspection of Properties 28.05.2018
(between 11.00 AM to
4.30 PM)
Last date of receipt of Offer / Tender Forms 07.06.2018
E-Auction 14.06.2018
The e-auction will be conducted on 14.06.2018 through website https://eauction:auctiontiger.net. Between 2.00 PM to 4.00 PM with auto time extension of 10 minutes each time if the bid is made in the last minutes before close of e-auction till sale is concluded, subject to approval of the Hon'ble High Court.
[7] The report stands disposed of.
(C.L. SONI, J)
Vijay
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