Bombay High Court
Official Liquidator Of Emtex ... vs Resendra Chemexport Private Limited on 16 March, 2021
Author: K.R.Shriram
Bench: K.R.Shriram
Digitally signed 1/3 8.OLR-19-2021.doc
by Gauri A.
Gaekwad
Gauri A. Date:
Gaekwad 2021.03.20
11:30:08
+0530 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
OFFICIAL LIQUIDATOR'S REPORT NO.19 OF 2021
IN
COMPANY PETITION NO.907 OF 2005
In the matter of Companies Act, I of
1956
And
In the matter of Emtex Industries
(India) Ltd. (In Liquidation)
Rasendra Chemexport Pvt. Ltd. ....Petitioner
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Mr. Mahendhar Aithe, Company Prosecutor present.
Mr. Sunil Kadam for SASF.
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CORAM : K.R.SHRIRAM, J.
DATED : 16th MARCH 2021 P.C. :
1 Heard Mr. Aithe, Mr. Kadam and also considered the Official Liquidator's Report.
2 I have to also observe that SASF has, in its letter dated 5th November 2020, made some unacceptable comments against office of the Official Liquidator. Moreover, the letter has been written without considering Court's orders in as much as in paragraph 2, it is mentioned that the Company Court has fixed reserve price of land and building at Rs.12.75 lakhs whereas, it has been clarified in the order dated 14 th February 2019 that the reserve price is Rs.12.75 Crores. That also indicates non application of mind by the author one Amar Kumar Thakur, General Manager of SASF.
Gauri Gaekwad 2/3 8.OLR-19-2021.doc 3 SASF is seeking the Official Liquidator to obtain fresh valuation but it is refusing to put the Official Liquidator even in funds as if Official Liquidator is here to protect only the interest of SASF. If SASF wants any relief, it shall apply to the Court and the Court will consider the same in accordance with law, subject to such terms the Court may fix. 4 Official Liquidator need not engage any security agency to protect the assets of the company since the secured creditors, whose interests are best protected by engaging security agencies and the office of the Official Liquidator has been putting in lot of efforts for the same, are not willing to even contribute for security charges. In my view, it is nothing but a thankless exercise undertaken by the Official Liquidator. If the secured creditors wish to protect the assets mortgaged to them, they may engage their own security agency at their own cost after obtaining leave of the Court.
5 Mr. Aithe states that the security charges as on date is about Rs.32 lakhs and odd. After foreclosing the fixed deposit, Mr. Aithe shall use Rs.32 lakhs to pay off the security agency and reinvest the balance amount in fixed deposit of Rs.5 lakhs each for one year with a nationalised bank and renew the same year to year unless otherwise ordered. In view of noticee no.12's refusal to pay the security charges, this amount paid shall be debited to noticee no.12, i.e., Stressed Assets Stabilization Fund (SASF). The difference and interest lost due to breaking of fixed deposit and reinvesting due to the refusal of SASF to pay shall also be debited to SASF and shall be Gauri Gaekwad 3/3 8.OLR-19-2021.doc adjusted against any amount that will be payable to SASF finally. Mr. Kadam states that there are other secured creditors apart from SASF. It is open to SASF to claim contribution from other secured creditors. 6 Official Liquidator's Report is allowed and accordingly disposed in terms of prayer clauses - (a) to (e).
7 So far as the reserve price to be indicated, the reserve price for movables is to be given as Rs.1,50,00,000/- but for immovable, in my view, no reserve price to be indicated. Parties may inspect the premises, have it measured and in any case, details of the dimensions will be available in the documents relating to the premises and they may also consider the local market price or ready reckoner price and make their offer. EMD for movables will be Rs.10 lakhs and for immovable will be Rs.2 Crores. 8 The Associate of this Court to place the valuation report in an envelope, seal the envelope and hand it over to Mr. Aithe. The contents of the valuation report shall not be disclosed or shared with anybody.
(K.R. SHRIRAM, J.) Gauri Gaekwad