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M/s LA-MEDICAL DEVICES LIMITED (IN LIQN.) Versus SH. C.M. JAIN, EX-MANAGING DIRECTOR

2016 (11) TMI 26 - PUNJAB AND HARYANA HIGH COURT

Highest bidder - auction sales - Held that:- In view of the prayer made by in the application for confirming the minutes recorded on 14.07.2016, the same is allowed and the Official Liquidator is directed to hand over the possession of the assets/property situated at Plot No.191, Village Bamanbore, Tehsil Chotila, District Surendernagar, Gujrat to Virti R. Shah- the highest bidder and the Official Liquidator is also allowed to refund the earnest money of the other bidders which were taken as per .....

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J. For The Appellant : Mr. Aseem Aggarwal, Advocate with Mr. D. K. Singh, Official Liquidator For The Respondent : Mr. Anand Chhibber, Senior Advocate with Mr. Vaibhav Sahni, Advocate, for Ex-M.D. This application is filed under Section 457 (3) of the Companies Act, 1956 read with Rule 9, 272 of the Companies (Court) Rules, 1959, for consideration of highest bid in terms of sale conducted by the Official Liquidator in terms of the order dated 11.04.2016. In short, the respondent-company was wou .....

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kot (Gujarat) and also the factory unit at Noida (UP) from PICUP. The Noida unit was hypothecated to the PICUP and the unit at Gujarat was hypothecated with the Punjab and Sind Bank. The Noida unit has already been sold. The sale of Gujarat unit was under consideration for which the sale notice was issued and thereafter as per record, six bids were received. The reserved price was fixed to the tune of ₹ 64,79,298/-. The highest bid was given by Virti R. Shah for ₹ 66.51 lacs. A meeti .....

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circulation in Gujrat and Economic Times (Ahemedabad Edition) by the Ex-Managing Director/ Secured Creditor on 15.06.2016. In response to the advertisement made on 15.06.2016 in the aforesaid newspapers 06 offers (in sealed cover) have been received in the office of Official Liquidator on 12.07.2016, which was to be opened on 13.07.2016, however, due to inevitable circumstances, the Official Liquidator has to attend the meeting in Head office of the Ministry of Corporate Affairs at New Delhi on .....

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ent and on inter-se bidding the highest offer of ₹ 66.51 lacs has been made by Sh.Virti R. Shah. The valuation report dated 24.04.2015 by M/s R.K. Singhal & Co. Pvt. Limited, New Delhi on the penal of Official Liquidator was placed in the meeting for consideration of the secured creditor. As per the Hon'ble Court orders Reserve Price was fixed to the tune of ₹ 64,79,298/- i.e distress value of the property. The representative of the Secured Creditor has no objection to the ac .....

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the minutes recorded on 14.07.2016 annexed as Annexure P-10, the maximum bid of ₹ 66.51 lacs for the assets/property of M/s La- Medical Devices Limited (in liqn.) given by Sh.Virti R. Shah, 7 Bhakti Nagar Society, Rajkot (Gujrat) as respondent No.2 in the instant application may please be considered for confirmation; (ii) In case of acceptance of such bid and confirmation of sale in favour of respondent No.2, the Official Liquidator may kindly be permitted to hand over the possession of a .....

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