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2006 (4) TMI 257 - HC - Companies LawEnforcement of security interest - Whether an Asset Reconstruction company formed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,( ‘Securitisation Act’), is entitled to be associated in the process of the sale of assets of a company under liquidation along with the Official Liquidator ? - HELD THAT:- In the instant case, the Official Liquidator has taken possession of the assets and certain movables have already been sold. The Official Liquidator has also got valuation of some of the assets by ITCOT Consultancy Services, Chennai. A sum of Rs. 2 lakhs has been paid as valuation fee for valuation of the assets. In our opinion, the ends of justice would be served if the Official Liquidator is directed to associate the appellant-company in sale of the assets in terms of paragraph 18(iii) of the Rajasthan State Financial Corpn.’s case [2005 (10) TMI 280 - SUPREME COURT]. The appellant through its counsel makes a statement that in view of the facts and circumstances of the case the appellant shall not claim any commission on the sale of the assets. The appeals are accordingly disposed of. No costs. Consequently, connected C.M.Ps. are closed. ORDER - A further bid was held in the Court. Mr. M. Palanisamy residing at Coimbatore, has bid for a sum of Rs. 27.50 crores for C-1, Viscose Towers, which is accepted. The successful bidder agrees to pay the balance amount within a period of three months from today, failing which the EMD will be forfeited. As regards the property located at C-2, Mettupalayam is concerned, one Mr. P. Shanmugam, residing at Sankari-632 301, has bid for a sum of Rs. 1.55 crores, which is accepted. The successful bidder agrees to pay the balance amount within a period of three months from today, failing which the EMD will be forfeited. The EMDs of unsuccessful bidders shall be returned to them by today itself. M/s. Asset Reconstruction Company (India) Limited and the Official Liquidator are directed to approach the learned Company Judge for further directions in the matter.
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