Madhya Pradesh High Court
Senior Manager,Uco Bank vs M/S Zoom Developers (Pvt) Ltd. on 10 January, 2017
COMP-9-2011
( SENIOR MANAGER,UCO BANK Vs M/S ZOOM DEVELOPERS (PVT) LTD.)
10-01-2017
IA No.5974/2015:-
Shri D.S. Panwar, learned counsel for the petitioner.
Shri Aadhar Sharma, learned counsel for the OL along with OL.
None present for the respondents.
As per the office report respondents are unserved. Counsel for the OL is granted two weeksâ time to take fresh steps for service of notice on the unserved respondents.
OLR No.31/2016:-
Shri Aadhar Sharma, learned counsel for the OL along with OL. Shri D.S. Panwar, learned counsel for the petitioner. This OLR has been filed by the OL praying for the following reliefs:-
1. Report of the Official Liquidator may kindly be perused and taken on record. This report may kindly be considered with the OLR No.7/2016 dated 28.1.2016.
2. Valuation reports (Annexure C, D and E) submitted by M/s Fadnis & Gupte, Chartered Accountants, Indore, 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.
3. Necessary orders may also be passed with regard to remaining prayers made in OLR No.7/2016 dated 28/1/2016 as under:-
â(iii) Necessary permission may kindly be granted to invite the bid/offer in association with Asset Sale Committee, in respect of following unlisted/unquoted Equity Shares held by company (In- Liqn.) from prospective buyers through âe-auctionâ through M/s e-Procurement Technologies Ltd., Ahmedabad, on such terms & conditions submitted by them, for fetching maximum sale price:-
Nos. of Unquoted Equity Shares held S.No. Particulars by company (In-
Liqn.) M/s Sulakshani Mines & Minerals 1 62,452 nos.
Ltd.
2 M/s Sunderhan Biotech Pvt. Ltd. 83,00,000 nos.
M/s Ajmer Waste Processing 3 7,500 nos.
Company Pvt. Ltd.
4. 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) on DAVP/Government Rates i.e.
(i) The Economic Times (English) :- All India Edition
(ii) Nai Duniya (Hindi) :- M.P. Edition Permission may also be granted to release the advertisement expenses of e-auction Sale Notice to the advertising agency and for conducting âe-auctionâ through M/s e-procurement Technologies Limited, Ahmedabad, out of the fund available in the account of the Company (In-Liqn.)
4. The creditor of the company (In-Liqn.) as submitted at Para 14 of OLR No.7/2016 may once again be directed to provide all details of the immovable and other assets of the company (In-Liqn.), if any, so that the Official Liquidator can take further steps as may be directed by this Honâble Court in this regard.
5. The State Bank of India, Overseas Branch, Willingdon Island, Kochi, Kerala-682003, kindly be directed to intimate all details about lease hold land of Rs.41.40 Crores situated in State of Kerala, mortgaged by the company (In-Liqn.), as submitted at Para 11 above of OLR No.7/2016, and its present position so that the Official Liquidator can take further necessary action in this regard subject to order of this Honâble Court in this matter.
6. Necessary directions may kindly be issued to Punjab National Bank, Mumbai to provide Original Share Certificate of M/s Mcnulty Group Holdings Ltd., to the office of the Official Liquidator, so that further action regarding sale of the same may be carried out by the official liquidator in due course as may be permitted by this Honâble Court.
7. As report OLR No.7/2016 dated 28.1.2016 filed by the official liquidator contains same prayers as above and hence same may kindly be disposed off to avoid duplicacy.
The valuation report of M/s Fadnis & Gupte Chartered Accountants enclosed in the sealed cover along with the OLR was opened on 27.9.2016 and concerned parties were permitted to obtain copy of the same from the OL and submit their objections.
No objections have been received by any of the parties. Considering the fact that this Court has already permitted the sale of the shares, of which the valuation report has been received and also the other circumstances disclosed in the OLR, the prayer made by the OL is granted and the OL is permitted to sale the shares by E-auction through M/s E-Procurement Technologies Limited, Ahmedabad and is also permitted to publish the sale notice by inviting tenders in two newspapers (1) Economic Times (English) â All India Edition and (2) Nai Duniya (Hindi) â M.P. Edition. The creditors of the company (In- Liqn.) are also directed to provide all details of the immovable and other assets of the company (In-Liqn.) and the State Bank of India, Overseas Branch, Willingdon Island, Kochi, Kerala is also directed to intimate all the details about the lease hold land of Rs.41.40 Crores situated in State of Kerala, mortgaged by the company (In-Liqn.). The Punjab National Bank, Mumbai is also directed to provide the share certificate of M/s Mcnulty Group Holdings Ltd. to the OL/furnish details of the shares if they are in Demat form.
OLR No.31/2016 is accordingly disposed off.
OLR No.66/2016:-
Shri Aadhar Sharma, learned counsel for the OL along with the OL. Issue notice of the OLR to all the secured creditors on payment of PF and furnishing the complete address by the OL within a period of one week from today.
The notice of the OLR may also be issued to the recovery officer, DRT, Mumbai.
The prayer No.9 made by the OL in the OLR for appointing advocate for appearing before the DRT and in respect of payment of professional fee is allowed considering the circumstances of the case. List along with OLR No.51/2016 on 7.3.2017.
(PRAKASH SHRIVASTAVA) JUDGE