Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

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

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

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

No. 42 of 1999 - Dated:- 17-10-2016 - RAKESH KUMAR JAIN, 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 d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dator took the possession of factory unit situated at Rajkot (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 w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ly Gujrat Samachar (Rajkot Edition), Divya Bhaskar having 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 of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

bidding was conducted in the presence of the persons present 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 represen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s in this application, which reads as under :- (i) as per 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version