Madhya Pradesh High Court
Sungrace Finvest Pvt.Ltd. vs Maikaal Fibres Ltd. on 5 January, 2023
Author: Subodh Abhyankar
Bench: Subodh Abhyankar
1 IN THE HIGH COURT OF MADHYA PRADESH AT INDORE COMP No. 8 of 2005 (SUNGRACE FINVEST PVT.LTD. Vs MAIKAAL FIBRES LTD.) Dated : 05-01-2023 None for the applicant.
Shri H.Y. Mehta, learned counsel for the Official Liquidator.
I.A. No. 5020/2021 and I.A.No.3070/2022 are the urgent hearing of the present company petition and the same stand disposed of and closed.
Heard on O.L.R. No. 47/2019 wherein, the following reliefs have been sought by the Official Liquidator :-
(i) Report of the Official Liquidator may kindly be perused and taken on record.
(ii) In view of submissions at Para 4 above, necessary permission may kindly be granted to release the valuation of fee of Rs. 50,000/- (including GST) to the valuer-Â"M/s MPCON Ltd, out of the fund available in the account of the company (In-Liqn.).
(iii) In view of submissions at Para 5 above, the Valuation report of asset/property of the company (In-Liqn.) marked as (ANNEXURE-"B"Colly) submitted by Valuer M/s MPCON Limited, 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 provide one copy of valuation reports to the Official Liquidator to proceed further in the auction proceedings.
(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. Signature Not Verified Signed by: MONI RAJU Signing time: 1/5/2023 6:21:26 PM 2
(a) The Economic Time -All India Edition (English Daily),
(b) Dainik Bhaskar -M.P. Edition (Hindi Daily)
(v) In view of submission at Para 8 above, necessary permission may also be granted to release the advertisement expenses of Sale Notice to the advertising agency and fee for conducting e-auction to M/s e-procurement Technologies Ltd. Out of the 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 this case.
It is apparent that the Official Liquidator has got the valuation of the property done through MPCON Limited who has already valued the property and as per para 2 for the same, for a sum of Rs.50,000/- is required to be paid to the MPCON Limited. The valuation report dated 13.11.2019 is also placed on record.
On perusal of the aforesaid report, this Court is of the considered opinion that since the valuation of the property is of the Company in liquidation as on 10.10.2019 and it has already been three years since the said valuation was carried out, apparently the price of the land, building and other articles of the company must have increased due to lapse of time. In such circumstances, the Official Liquidator is again requested to carry out a fresh valuation report through MPCON Limited and submit the report till the next date of hearing.
The Official Liquidator is directed to disburse the amount of Rs.50,000/- to MPCON Limited towards its bill as prayed in para 2 of the prayer clause of the O.L.R. Signature Not Verified Signed by: MONI RAJU Signing time: 1/5/2023 6:21:26 PM 3 Accordingly, O.L.R. No.47/2019 stands disposed of. Let the matter be listed on 21.02.2023.
Certified copy, as per rules.
(SUBODH ABHYANKAR) JUDGE moni Signature Not Verified Signed by: MONI RAJU Signing time: 1/5/2023 6:21:26 PM