9911796707
TMI Blog2012 (6) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent Nos. 1 and 3 to jointly or severally pay the company in liquidation a sum of Rs. 33,63,19,000/- along with interest. 2. Heard the learned counsel for the parties and perused the application papers. 3. The company in liquidation was ordered to be wound up by this Court vide its order dated 20.10.2000 passed in Co. P. 112/94. Thereafter, the erstwhile Directors have filed their statement of affairs. In the enclosures to the statement of affairs, the realisable fixed assets is indicated at Rs. 43,57,00,000/-. Subsequently, in the process of winding up, OLR No. 13/2001 was filed before this Court seeking leave of this Court for valuation of the fixed assets of the company in liquidation. Accordingly, the valuer M/s Jayasurya and As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of book value made by the respondents themselves when they were functioning. Therefore, the allegations made in the application about the difference in the value is unsustainable. Hence, it is contended that the application is liable to be rejected. 5. In the light of the rival contentions, the matter was set down for evidence. One Sri Vasanth Kumar, working as Assistant in the Office of the Official Liquidator was examined and his affidavit was tendered by way of evidence and he was treated as P.W.1. The documents at Exhs. P1 to P3 were marked. The said witness was also cross-examined. On behalf of the respondents, one Sri S.K. Sengupta, the erstwhile Managing Director was examined as R.W.I, who also submitted his affidavit evide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... declared by the Directors was in a sum of Rs. 43,57,00,000/-. However, to ascertain the correctness of the same, the evidence tendered by the respondents and the documents relied on also requires to be noticed. In this regard, the valuation report dated 31.05.1997 made by M/s Batliboi and Company has been marked as Ex. R1. A specific reference to the details furnished in the said report as indicated in Section III would show the realisable value and reserve price of all the assets as at 31.05.1997. In this regard, the book value as well as the realisable value as on the said date has been indicated. A perusal of the same would indicate that the value has been indicated with regard to the fixed assets in a sum of Rs. 41,56,00,000/- and for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been indicated by the valuer and reflected in the balance sheet as on the date of winding up order. 9. Therefore, if these aspects are kept in view, the documents would disclose that the actual value of the fixed assets is the one which has been realised in the process of the winding up and as confirmed in the auction permitted by this Court. Insofar as the valuation that has been made, the reference to the cross-examination of P.W.1 would indicate that the only basis on which such valuation is claimed is on the statement of affairs which had been filed and thereafter no independent investigation is made at the end of the Official Liquidator. 10. Therefore, in the background of the above and considering the fact that the entire claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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