Andhra Pradesh High Court - Amravati
M/Sj. Sree Pujitha Chit Fund P Ltd In Liqn vs Nil on 29 August, 2024
IN THE HIGH COURT OF ANDHRA PRADESH :: AMARAVATI
THURSDAY ,THE TWENTY NINETH DAY OF AUGUST
TWO THOUSAND AND TWENTY FOUR
PRESENT
HONOURABLE MS JUSTICE B S BHANUMATHI
I.A No.1 of 2024
In
COMPANY APPLICATION No.9 of 2022
in
COMPANY PETITION No. 28 of 2010
In the matter of the Companies Act. 1956
And
l_n the matter of M/s Sree Puiitha Chit FundfP> Limiteddn Lian.J
The Official Liquidator of Sree Pujitha Chit Fund (P) Ltd (in liqn) attached to
the High Court for the State of Telangana and the State of Andhra Pradesh
1®' Floor, Corporate Bhawan Bandlaguda, Nagole, Hyderabad-500 068
...Applicant
Application under Section 457(1) (c) of the Companies Act, 1956 read with
Rule 9 and 11(b) of the Companies (Court), Rule 1959, praying that the
High Court may be pleased to
permit the Official Liquidator to sell the entire assets/propert ies of the
I.
company (in liquidation) through e-auction on "AS IS WHERE IS AND
WHATSOEVER THERE IS BASIS" by fixing the Reserve Price and
EMD @10% of Reserve Price and incremental bid amount as decided
in the Asset Sale Committee Meeting held on 23-07-2024 which are
as under:
Description of the Reserve
Earnest Money Incremental
Assets/Properties Price Rs. Deposit{E.M.D.) Bid
and situation Rs. Amount Rs.
thereof.
Flat (RCC roofed 1,19,50,000/- 11,95,000/- 1,00,000/-
Commercial Block) (Non Interest
admeasuring 1923 bearing)
Sq.feet (including
common
area),
situated at Upper
Ground Floor, Door
No.29- 36-37,
Ammana Estates,
Museum Road,
Governorpet
Vijayawada. NTR
District, Andhra
Pradesh, alongwith
Machinery and
Equipment such as
Furniture,
Window/Split A/c,
Safety locker.
Computer, electrical
equipment & Office
Equipment, etc
After e-auction this Hon'ble Court may be pleased to permit the Asset
Sale Committee comprising of Official Liquidator and other officers /
officials of the Official Liquidator's office to conduct negotiations with
the three (3) highest bidders who have participated in e-auction to
fetch maximum sale price, if necessary.
permit the Official Liquidator to sell the above assets/properti
II.
es of the
company (in liquidation) through e-auction service provider viz., M/s.
Rail Tel Corporation of India Limited or M/s. e-Procurement
Technologies Ltd. (auction Tiger.net) or such other agency whoever
offer the lower service charge as this Hon'ble Court may deem fit and
proper in this regard and to release the service charges to e-auction
service provider from out of the funds lying to the credit of the
company (In Liqn.).
consider and approve the above draft e-auction Sale Notice, Terms &
Conditions and online e-auction Bid Form for sale of above
assets/properties of the company (in liquidation) which are annexed
vide Annexure - "I"
IV.
permit the Official Liquidator to publish e-auction Sale Notice for sale
of above assets / properties of the company (in liquidation) in three
newspapers namely (i) "The Times of India", English Daily News
Paper, Andhra Pradesh and Telangana Editions (ii) "Namaste
Telangana", Telugu daily news paper, all editions of Telangana (iii)
Andhra JyothI", Telugu daily news paper, all editions of Andhra
Pradesh or any other news papers as may be decided by this Hon'ble
High Court at DAVP / Govt. cates as this office is a Central
Government office attached to Hon'ble High Court of Telangana &
Andhra Pradesh and also permit the Official Liquidator to release the
publication charges to above newspaper publishing companies from
out of the funds lying to the credit of the company (In Liqn.).
V. permit the Official Liquidator to fix and receive Rs.2,000/- (Non
refundable & non adjustable) towards participation fee.
VI.
permit the Official Liquidator to return the EMD amount to the
unsuccessful bidders after retaining the EMD amount of 1st, 2nd and
3rd highest bidders participated in the e-auction till confirmation of
sale by this Hon'ble Court and deposit of balance sale consideration
by the Successful /Highest bidder.
permit the Official Liquidator to amend/alter/modify the Sale Notice
VII.
and Terms & Conditions to be displayed on web portal as per the
procedure/ norms of the e-auction service provider,
VIM.
order the cost of this application do come out of the assets of the
company (In Liqn.).
Counsel for the Applicant: Sri. T V P Sai Vihari (Standing Counsel for
Official Liquidator)
Counsel for the Respondents: -
The Court made the following:
This petition is filed to permit the Official Liquidator to sell the entire
assets/properties of the company (In Liqn) through e-auction on "As is where
is and whatsoever there is basis:" by fixing the reserve price of EMD @ 10%
of reserve price and incremental bid amount as decided in the Asset Sale
Commitfee Meeting held on 23.07.2024 which are as under:
Description of the Reserve
Earnest Money Incremental
Assets/Properties Price Rs.
and situation
Deposit(E.M.D.) Bid
Rs. Amount Rs.
thereof.
Flat (RCC roofed 1,19,50,000/- 11,95,000/- 1,00,000/-
Commercial Block) (Non Interest
admeasuring 1923 bearing)
Sq.feet (including
common area).
situated at Upper
Ground Floor, Door
No.29- 36-37.
Ammana Estates,
Museum Road,
Governorpet
Vijayawada. NTR
District, Andhra
Pradesh, alongwith
Machinery and
Equipment such as
Furniture,
Window/Split A/c,
Safety locker.
Computer, electrical
equipment & Office
Equipment, etc
After e-auction this Hon'ble Court may be pleased to permit the Asset Sale
Committee comprising of Official Liquidator and other officers/officials of
the Official Liquidator's office to conduct negotiations with the three (3)
highest bidders who have participated in e- auction to fetch maximum sale
price, if necessary. f
ii. permit the Official Liquidator to sell the above assets/properties of the
company (In Liqn) through e-auction service provider viz.. M/s Rail Tel
Corporation of India Limited
or M/s. e-Procurement Technologies Ltd.
(auction Tiger.net) or such other agency whoever offer the lower service
charge as this Hon'ble Court may deem fit and proper in this regard and
to release the service charges to e-auction service provider from out of
the funds lying to the credit of the company (In Liqn).
iii. Consider and approve the above draft e- auction Sale Notice, Terms
& Conditions and online e-auction Bid Form for sale of above
assets/properties of the company (In Liqn) which are annexed vide
Annexed-"!".
iv. Permit the Official Liquidator to publish e- auction Sale Notice for sale
of above assets/properties of the company (In Liqn) in three newspapers
name (i) "The Times of India", English Daily News Paper covering
Andhra Pradesh and Telangana Editions (ii) "Namaste Telangana",
Telugu daily newspaper, all editions of Telangana (iii) "Andhra Jyothi",
Telugu daily news paper, all editions of Andhra Pradesh or any other
news papers as may be decided by this Hon'ble High Court at
DAVP/Govt. rates and this office ISi a Central Government Office
attached to Hon'ble High Court of Telangana & Andhra Pradesh and also
permit the Official Liquidator to release the publication charges to above
newspaper publishing companies from out of the funds lying to the credit
of the company (In Liqn).
V. Permit the Official Liquidator to fix and
, receive Rs.2,000/- (Non
refundable & non adjustable) towards participation fee
Vi. Permit the Official Liquidator to return the EMD amount to the
unsuccessful bidders after retaining the EMD amount fo 1st, 2nd and 3rd
highest bidders participated in the e-auction till confirmation of sale by
this Hon'ble Court and deposit of balance sale consideration by the
successful/highest bidder.
vii. Permit the Official Liquidator to amend/alter/modify the sale notice
and terms & conditions to the displayed on web portal as per the
procedure/norms of the e-auction service provide.
viii. Order the cost of this application do come out of the assets of the
company (In Liqn). ix. Pass such further or other order or orders as this
Hon'ble High Court may deem fit and proper in the circumstances of the
case.
The learned Standing Counsel for the petitioner submitted that in
view of the nature of the building which is old, the auction purchasers
had not come forward and earlier, one auction purchaser only agreed to
purchase and deposited the
amount of EMD, yet failed to buy the
property.
Considering his submissions and the contentions of the affidavit in
respect of the petition and the annexures to the petition, it is a matter fit
to grant relief as claimed.
In the result petition is allowed.
List on 19.09.2024.
SD/- S.V.S.R.MURTHY
JOINT REGISTRAR
//TRUE COPY//
SECtfON OFFICER
1. The Official Liquidator of Sree Pujitha Chit Fund (P) Ltd (in liqn),
attached to the High Court for the State of Telangana and the State of
Andhra Pradesh, 1
St
Floor, Corporate Bhawanm Bandlaguda,
Nagole,Hyderabad-500 068
2. The Registrar of Companies, Ministry of Corporate Affairs Government
of India, 2"*^ ^ Floor, Corporate Bhawan Nagole, Bandlaguda,
Thattiannaram Village, Hayathnagar Mandal, Ranga Reddy District,
Telangana State Pin Code-500 680
3. The ..Regional Director, South Eastern Region, Ministry of Corporate
rd
Affairs, 3 Floor, Corporate Bhawan Nagole, Bandlaguda,
Thattiannaram Village, Hayathnagar Mandal Ranga Reddy District,
Telangana State Pin Code-500 680.
4. One CC to Sri. T V P Sai Vihari(Standing Counsel for Official
Liquidator) Advocate [OPUC]
5. The Section Officer, OS Section, High Court of Andhra Pradesh at
Amaravathi
6. Three CD Copies
Stu
sree
HIGH COURT
DATED: 29/08/2024
NOTE: After the dispatch
of this order, the file may
be sent to O.S Section for
further posting on
19.09.2024
ORDER
I.A No.1 of 2024 in COIVIPA.No.9 of 2022 Xj 5 1 1 SEP 20?^ ^ Current Section . ^ ALLOWING THE PETITION