The Official Liquidator High ... vs Mafatlal Engineering Industries ...
2017 Latest Caselaw 6197 Bom

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               IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                     ORDINARY ORIGINAL CIVIL JURISDICTION
                                OLR NO. 142 OF 2017 / LIQN. VIII
                                                         IN
                           COMPANY PETITION NO. 743 OF 1990
                                                        In the matter of Companies Act, 1 of 1956
                                                        And
                                                        In the matter of M/s. Mafatlal Engineering
                                                        Industries Limited (in liquidation)
M/s.United Metachem Pvt. Ltd.                                     ...        Petitioner

Mr.J.P. Sen, Senior Counsel for Official Liquidator.
Mr.G.W.Mattos, Asstt. Govt. Pleader, for the State.
Counsel Mr.Ashish Kamat a/w. Sudeshna Guha Roy and Himank Singh i/b. Vidhi
Partners for the Defendant Nos.10A, 11 and 12 in Suit No.3156 of 1991 and Secured
Creditors of Company (in liquidation).
Ms.Riba Vasudevan i/b. Neeta Karnik for MEI Quotas Welfare Association.
Ms.Deepa Kamat for Kamgar Sangarsh Samiti.
Mr.S.S. Toraskar, S.O. for Courter Receiver.
Ms.Riba Vasudevan i/b. Ms.Neeta P. Karnik, Advocate for Bombay Mazdoor Union.
Mr.Bhavik G.Lalan i/b. Cyril Amarchand Mangaldar for Plaintiff (ICICI Bank Ltd.).
Ms.Yogini Chauhan, Deputy Official Liquidator.

                                              CORAM : S.J. KATHAWALLA, J.

DATED : 16th AUGUST, 2017 P.C.:

1. Heard the Learned Advocates for the parties.

2. Paragraph No.19 of the Terms and Conditions of Sale of the immovable

property (land) admeasuring 4,99,445.47 sq.mtrs. belonging to M/s. Mafatlal

Engineering Industries Ltd. (In Liquidation) situated at Kalwa, District-Thane to be

sold by public auction on 'as is where is and whatever there is basis' shall read as

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under :-

"19. The sale deed or any other documents of transfer required in respect of

the sale property shall be executed within six months from the date of confirmation of

the sale by the Hon'ble High Court in favour of the offeror, as directed by this Court."

3. It is clarified that the secured creditors shall also be entitled to submit their

offers for purchase of the said land.

4. The reserve price fixed for the sale of land is Rs.1,132 crores.

5. E.M.D. shall be 10% on the reserve price.

6. Prayer clause (c) of the Report is allowed. However, Clause 19 shall be read as

set out hereinabove.

7. Report is accordingly disposed off.

( S.J.KATHAWALLA, J. )