Madhya Pradesh High Court
In The Metter Of M/S M.P.Petrochem Ltd. vs - on 19 September, 2022
Author: Subodh Abhyankar
Bench: Subodh Abhyankar
COMP No.04/2011
1
High Court of Madhya Pradesh, Jabalpur
Bench at Indore
Company Petition No.04/2011
Indore, Dated 19.09.2022
Shri Hitendra Y. Mehta, learned counsel appearing along with
the Official Liquidator Shri Vyomesh Sheth.
Shri Gaurav Chhabra, learned counsel for Kotak Mahindra
Bank, Secured Creditor.
Heard on OLR No.17/2022 which is a report filed on behalf
of the Official Liquidator in compliance of Court order dated
13.07.2022, seeking the following relief: -
"PRAYER: -
In view of the submissions made herein above, the
Official Liquidator most respectfully prays before
Your Lordship that: -
i) The report of the Official Liquidator may kindly be
taken on record.
ii) That view of submissions at Para 5 above, since, the
highest bidder and successful auction purchaser M/s.
Laxminath Logistic had deposited the full sale
consideration amount to this office, therefore
necessary permission may kindly be granted to the
Official Liquidator to refund the EMD of other two
highest bidders (Rank 2 &3) viz.
S. No. Name of bidders EMD (Rs.)
1 M/s Hatimi Steels 7,00,000/-
2 M/s Mexmon Buildwell LLP 7,00,000/-
iii) In view of submissions at Para 8 & 9 above, the
Official Liquidator may kindly be permitted to
proceed for fresh e-auction of assets / properties i.e.
Lot No.2 (Office Premises at Muley Tower, MG
Road, Indore) through M/s. E-procurement
Technologies Ltd., Ahmedabad, as per general terms
and conditions of e-auction dated 02/04/2016 read
with 08/01/2018, with suggested reserve price and
Signature Not Verified
Signed by: RAMESH
CHANDRA PITHWE
Signing time: 19-09-2022
18:19:36
COMP No.04/2011
2
EMD as decided in the Asset Sale Committee meeting
dated 08/09/2022.
iv) In view of submissions at Para 10 above, necessary
permission may kindly be granted for publication of e-
auction Sale Notice by inviting e-tenders in two
newspapers (one is in English Daily and other one is
in Hindi Daily) i.e.
1.Economic Times (English) :- All India Editions
2. Dainik Bhaskar (Hindi) : - MP Editions Permission may also be granted to release the advertisement expenses of Sale Notice to the advertising agency and fees for online auction to M/s. E-Procurement Technologies Ltd. Ahmedabad, in respect of fresh e-Auction 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 the case."
Counsel for the secured creditor Shri Gaurav Chhabra has submitted that he has no objection if the aforesaid application is allowed, which relates to sale of property of the Company in Liquidation.
On due consideration and perusal of the report of the Official Liquidator, OLR No.17/2022 stands allowed; and it is directed that (as required in the aforesaid report / application), the Official Liquidator shall carry out e-auction of the property of the Company in Liquidation and for this purpose, the Official Liquidator shall also issue the notice in "The Economic Times" [All India Edition (English Daily)] and "Dainik Bhaskar" [MP Editions (Hindi Daily)], in accordance with law; and shall submit its report within a period of four weeks. Along with the report, expenses incurred in Signature Not Verified Signed by: RAMESH CHANDRA PITHWE Signing time: 19-09-2022 18:19:36 COMP No.04/2011 3 releasing the advertisement shall also be submitted on or before the next date of hearing.
OLR No.17/2022 stands closed.
(Subodh Abhyankar) Company Judge rcp Signature Not Verified Signed by: RAMESH CHANDRA PITHWE Signing time: 19-09-2022 18:19:36