Gujarat High Court
Suzuki Parasrampuria Suitings Private ... vs Official Liquidator Of Mahendra ... on 18 January, 2016
Author: Vipul M. Pancholi
Bench: Vipul M. Pancholi
O/OJMCA/4/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
MISC. CIVIL APPLICATION (OJ) NO. 4 of 2016
In MISC. CIVIL APPLICATION (OJ) NO. 195 of 2015
In OFFICIAL LIQUDATOR REPORT NO. 111 of 2015
In OFFICIAL LIQUDATOR REPORT NO. 45 of 2015
In OFFICIAL LIQUDATOR REPORT NO. 4 of 2012
In COMPANY PETITION NO. 150 of 1996
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SUZUKI PARASRAMPURIA SUITINGS PRIVATE LIMITED....Applicant(s)
Versus
OFFICIAL LIQUIDATOR OF MAHENDRA PETROCHEMICALS LTD (IN LIQN.)
& 2....Respondent(s)
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Appearance:
MR PRATIK Y JASANI, ADVOCATE for the Applicant(s) No. 1
OFFICIAL LIQUIDATOR for the Respondent(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI
Date : 18/01/2016
ORAL ORDER
1. Today, when the matter is called out, learned advocate Mr.R.M.Desai appearing for the Official Liquidator submitted that copy of this application was, no doubt, given to the office of the Official Liquidator. However, Official Liquidator and he himself were not aware that the matter was kept at 2.00 p.m. in the chamber on 13.1.2016. Therefore, he has not remained present on that date.
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O/OJMCA/4/2016 ORDER
2. This application is filed by the
applicant for extension of time for depositing remaining amount towards amount of 25% of the consideration as per the order dated 14.10.2015 passed by this Court which was modified by an order dated 4.12.2015.
3. Learned advocate Mr.Pahwa appearing with learned advocate Mr.Jasani for the applicant submitted that out of Rs.76,25,000/- towards first installment i.e. 25% of total consideration of Rs.3,05,00,000/-, the applicant has deposited Rs.10 lacs with the office of the Official Liquidator. Thereafter, on 15.1.2016, the applicant has further deposited an amount of Rs.24 lacs with the office of the Official Liquidator. He has requested that because of the financial difficulties faced by the applicant, some more time be granted for making payment of remaining amount. Under the instruction, learned advocate submitted that if this Court is inclined to extend the time, the applicant would deposit the entire amount of Rs. 3,05,00,000/- on or before 31.3.2016. However, in the meantime, the applicant would deposit the remaining amount of 25% of the total amount of consideration i.e. Rs.42 lacs on or before 1.2.2016 with interest @12% p.a. as directed by this Court in the order Page 2 of 4 HC-NIC Page 2 of 4 Created On Tue Jan 19 01:22:02 IST 2016 O/OJMCA/4/2016 ORDER dated 4.12.2015.
4. On the other hand, learned advocate Mr.Desai appearing for the Official Liquidator has opposed this application and submitted that this Court has modified the order of 14.10.2015 by an order dated 4.12.2015 and even as per the said order, the applicant has failed to deposit the outstanding amount of Rs.66,25,000/- with 12% interest within a period of three weeks as per the direction given by this Court and, therefore, this Court may not extend the time prayed for by the applicant.
5. I have considered the submissions advanced on behalf of learned advocates for the parties. I have also gone through the averments made in this application. In the facts and circumstances of the present case, the applicant is hereby directed to deposit remaining amount of Rs.42 lacs and interest @ 12% p.a. as per the order dated 4.12.2015 on or before 1.2.2016. It is clarified that no further extension would be granted and if the amount is not paid within the extended time, it would be open for the Official Liquidator to move appropriate application. At this stage, it is further clarified that as per the order dated 14.10.2015 passed by this Court in O.L.R.No.111 of 2015, the applicant is Page 3 of 4 HC-NIC Page 3 of 4 Created On Tue Jan 19 01:22:02 IST 2016 O/OJMCA/4/2016 ORDER required to deposit entire amount of consideration of Rs.3,05,00,000/- within total period of four months i.e. on or before 14.2.2016. However, in view of the financial difficulties faced by the applicant as per the averments made in this application and as per the submissions canvassed on behalf of learned advocate Mr.Pahwa, the applicant is also permitted and directed to pay the entire amount of sale consideration of Rs.3,05,00,000/- on or before 1.3.2016 with 12% interest for the delayed payment. With this direction and observation this application is adjourned on 5.2.2016.
(VIPUL M. PANCHOLI, J.) Srilatha Page 4 of 4 HC-NIC Page 4 of 4 Created On Tue Jan 19 01:22:02 IST 2016