TMI Blog2005 (2) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... cant has also made the amended prayer seeking ratification of the transaction with respect to the sale and transfer of the properties of M/s. Arya Silk Mills Pvt. Ltd. (In Liquidation) both movable and immovable including land, building, temporary construction, plant and machinery situated at Plot No. 435, Road No. 4, GIDC, Sachin, Surat made by the Liquidator in favour of the applicant for a total consideration of Rs. 2.21 Crores and seeking further direction to the O.L. to execute necessary documents for transferring title in the property in favour of the applicant, in the interest of justice and equity. The applicant has further prayed for the direction to restrain O.L. for taking possession of the factory premises situated at 435, GIDC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ally adjudicates this application and if such adjudication goes against the applicant; (ii) The applicant shall also undertake to place on record of these proceedings, till the application is finally heard and decided, the details of production, sales, taxes paid and the utilisation of the funds realised on sales - whether local or export; (iii) The applicant shall deposit 1.5% of the value of the properties, which shall, for the present, be taken at Rs. 2.25 Crores and such amount shall be deposited on a monthly basis; (iv) The undertaking, as aforesaid, to be filed within a period of seven days from today and the direction to deposit the amount shall operate for the month of September and the first deposit shall be made on or bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in view of the amount stated in the letters addressed to the applicants, having been already received by the petitioning Creditors, the grievances raised by the petitioning creditors against the Company in liquidation do not survive. It is stated before the Court by Mr. Pahwa, learned advocate appearing for the applicant with Mr. P.M. Thakkar, learned Senior Counsel that except above petitions, no other winding up petitions are filed against the company in liquidation and pursuant to the advertisement of admission and final hearing issued earlier, only one Creditor has come before the Court and his dues are also settled by the applicant. Mr. Pahwa has further submitted that the applicant has settled with almost all statutory Creditors a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the petitioning creditors and the applicant who has filed affidavit in support of winding up petition, have received the amount as per settlement and they will file appropriate applications for recalling the winding up order and for withdrawal of winding up petition and/or application. Mrs. Swati Soparkar has further submitted that all the petitioning Creditors have no objection if the prayers made in the present application are granted by this Court as all the petitioning Creditors have settled their respective claims with the Company through the present applicant. 9. The O.L. has filed his report. He has submitted that before passing any order, the bills raised by the Chartered Accountant as well as the Valuer may be settled and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 536 (2) of the Act approves the transaction in question and directs the Official Liquidator to execute the necessary documents for transferring the title and the property in question in favour of the applicant. 11. As far as the bills of Chartered Accountant and the Valuer are concerned, Mr. Pahwa has submitted that the bills are slightly on the higher side and the same may suitably be reduced. Looking to the quantum of work undertaken by the Chartered Accountant as well as the Valuer, the Court hereby thinks it fit and appropriate to sanction the bill of Chartered Accountant for Rs. 80,000/- (inclusive of Service Tax) and the bill of the Valuer for Rs. 30,000/- (inclusive of Service Tax). So far as the expenses incurred by the offic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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