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2016 (6) TMI 537 - GUJARAT HIGH COURT

2016 (6) TMI 537 - GUJARAT HIGH COURT - TMI - Official Liquidator proceedings for sale of the remaining assets of the Company in liquidation - Held that:- The verification report in respect of claim raised by GIDC is taken on record. As far as prayers prayed for in para 17 (b), (c) and (d) are concerned, the Official Liquidator is permitted to initiate the proceedings of sale of immovable properties of the company situated at GIDC, Panoli and the upset price and Earnest Money as well as the sche .....

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1999 FOR THE APPLICANT : MR JS YADAV, ADVOCATE FOR THE RESPONDENT : MR RUTVIJ M BHATT, ADVOCATE ORAL ORDER 1. Heard Mr. J.S. Yadav, learned counsel appearing for the applicant and Mr. Rutvij Bhatt, learned counsel for respondent no.3. Though served, none appears for respondents no.1 and 2. 2. By this report, the Official Liquidator has prayed for the following reliefs - (a) That this Hon'ble Court may be pleased to take on records of this Hon'ble Court, the claim verification report in .....

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his Hon ble Court may be pleased to fixup the schedule for sale of assets of the company; (e) That this Hon ble Court may be pleased to permit the Official Liquidator to pay the Bill of Advertising Agency having No. AD/003229/1415 dated 24.03.2015 for ₹ 3,03,452/inclusive of Service Tax as applicable towards advertisement charges from the funds available in the said company s A/c.; (f) Such other and further orders and directions as may be considered just and appropriate may also be passed .....

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ppropriate directions be issued to Official Liquidator to state the different types of dues of GIDC as certified by the Chartered Accountant, preliquidation revenue charges and postliquidation revenue charges served at prospective buyer can be informed towards the liability towards GIDC. 5. Upon perusal of the record of this report, it appears that the company named M/s. Sterling Basic Organics Ltd. came to be wound up by this Court vide order dated 11.05.1999 passed in Company Petition No.129 o .....

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and 2014. However, the same was not confirmed and the offers were rejected by this Court vide three different orders passed in OLR No.60 of 2007 dated 09.04.2007, OLR No.122 of 2007 dated 07.07.2009 and OLR No.16 of 2014 dated 29.04.2014. 6. It deserves to be noted that by an order dated 29.04.2014, this Court was pleased to direct the Official Liquidator to get fresh valuation of the properties and invite fresh bids. Accordingly, the Official Liquidator appointed M/s. Gajjar Techno-Economic Con .....

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sed to direct the sale committee to consider the valuation report, its offer, its observation and comments and thereafter again, the Official Liquidator was further directed to file appropriate report. The record indicates that in compliance to the order dated 17.10.2014 passed by this Court, the Official Liquidator filed OLR No.11 of 2015 for placing the valuation report as well as additional report of Govt. Approved Valuer and the outcome of the proceedings of the sale committee. This Court, b .....

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ies and all other movable items including car of the Company. The record indicates that thereafter, the Official Liquidator filed another report being OLR No. 47 of 2015 for various prayers, which was disposed of by an order dated 15.04.2015. This Court (Coram: S.R. Brahmbhatt, J.) disposed of the said OLR with the following directions- 6. In view thereof, the Court is inclined to disposed of this report by following direction. 7. The sale, so far as, movable is concerned, mentioned in Lot No. I .....

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ing in appropriate report for seeking further direction, as on the date no further relief is required to be granted. 9. The amount of EMD, which of course will now be of no avail have to be refunded as soon as possible. At this stage, offerers-other bidders, urged the Court that the Demand Draft, which is not deposited in Official Liquidator's Account, be returned to them which will curtail the time, or else it will be simply a formality that Official Liquidator will deposit the Demand Draft .....

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