Gujarat High Court
Official Liquiadator Of Testeels ... vs Central Bank Of India on 20 August, 2018
Author: R.M.Chhaya
Bench: R.M.Chhaya
C/OLR/70/2018 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 70 of 2018
In
COMPANY PETITION NO. 67 of 1993
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OFFICIAL LIQUIADATOR OF TESTEELS LTD(IN LIQUIDATION)
Versus
CENTRAL BANK OF INDIA
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Appearance:
MR PATHIK M ACHARYA(3520) for the PETITIONER(s) No. 1
MR AS ASTHAVADI(3698) for the RESPONDENT(s) No. 3
MR MRUGESH JANI(1984) for the RESPONDENT(s) No. 1
NOTICE SERVED BY DS(5) for the RESPONDENT(s) No. 2,4
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CORAM: HONOURABLE MR.JUSTICE R.M.CHHAYA
Date : 20/08/2018
ORAL ORDER
1. Heard Mr. Pathik M. Acharya, learned counsel for the applicant, Mr. Mrugesh Jani, learned counsel for respondent No.1 and Mr. A.S.Asthavadi, learned counsel for respondent No.3. Though served, no one appears for respondent Nos.2 and 4.
"a. This Hon'ble Court may be pleased to fix-up the upset price and EMD for sale of the land of the Company in Liquidation situated at vatva and Dehgam as per decision was taken in the Assets Sale Committee meeting held on 02.05.2018 as mentioned in para-2 of this report, or such other upset price and EMD as may be considered appropraite by this Hon'ble Court;
b. this Hon'ble Court may also be pleased to direct the Official Liquidator to issue advertisement in newspapers namely "Gujarat Samachar" in all editions of State of Gujarat & Mumbai City in Gujarati script and Times of India in all editions of State of Gujarat in English script for inviting offers for sale of land of the company in liquidation situated at Vatva and Dehgam.Page 1 of 3 C/OLR/70/2018 ORDER
c. This Hon'ble Court may also pleased to permit the Official Liquidator to make payment on receipt of advertisement bill from concerned agency from the fund available in the Company's account.
d. ***"
2. Record indicates that this Court vide order dated 16.03.2018 directed the assets Sale Committee to take further course of action for sale of the assets and properties of the Company (in liquidation) and pursuant to the order, Official Liquidator addressed a letter dated 23.04.2018 to all the members of the Assets Sale Committee and informed that a meeting of Assets Sale Committee to be held on 01.05.2018 at 4:00 in the office of the Official Liquidator to discuss and decide the further course of action for sale of the land of the company in liquidation. As per the said letter, a meeting was held on 01.05.2018, but due to non availability of quorum, said meeting was adjourned on 02.05.2018.
3. In the meeting held on 02.05.2018, after due discussions, ultimately the Sale Committee fixed the Upset Price and EMD, which are as under:-
Lot Description Upset Price EMD
No. (In Rs.) (in Rs.)
I Plot No.10/1, Phase I, GIDC, Opp. 48,87,50,000/- 4,88,75,000/-
Dorr Oliver, Notice, returnable
on. Vatva, Railway Crossing,
Vatva, Ahmedabad, Land admeasuring area 43,687 sq.mtrs.
II Revenue Survey No.478, City Survey 4,46,25,000/- 44,62,500/-
No.377, Final Plot No.231/1 & 231/2, Draft T.P.Scheme No.2, Notice, returnable on. Dahegam Police Station, Village & Taluka Dahegam, District Gandhinagar, Land admeasuring approx. 10,346 sq.mtrs.
III Lot No. A & B except records 53,33,75,000/- 5,33,37,500/-Page 2 of 3 C/OLR/70/2018 ORDER
3. Considering the aforesaid, Upset Price as well as EMD fixed by the Sale Committee is proper and appropriate and the same is fixed accordingly.
4. The Official Liquidator shall publish an advertisement for sale of the properties of the land (in liquidation) in "Gujarat Samachar", Gujarati daily and "Time of India", English daily, all edition in Gujarat State.
5. Schedule Programme for sale of the land of the Company (in liquidation) shall be as under:-
Sr. Particulars Dates
No.
1 Date of Advertisement 04th September, 2018
2 Date of issue of Tender Forms 07th September, 2018
3 Date of inspection of property 11th September, 2018
between 11:30 am to
4:30 pm.
4 Last date of receipt of offer in 20th September, 2018
the office of Official upto 4:30 pm
Liquidator
5 Opening of offer and 12th October, 2018
auction/inter-se bidding in the at 11:00 onwards Hon'ble High Court of Gujarat, Sola Road, Ahmedabad.
6. As far as the prayer prayed for in paragraph No.4(c) is concerned, the Official Liquidator is directed to file a separate Summons alongwith the bill that may be received from the advertisement agency.
With the aforesaid observation and direction, this report is partly allowed.
(R.M.CHHAYA, J) SUCHIT Page 3 of 3