Gujarat High Court
Abhilash Thankayathil ... vs Olr Of M/S Migweld Machines Ltd. ... on 27 September, 2022
Bench: Nisha M. Thakore
C/CA/2055/2021 ORDER DATED: 27/09/2022
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/CIVIL APPLICATION NO. 2055 of 2021
In F/O.J.APPEAL NO. 29528 of 2021
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ABHILASH THANKAYATHIL MURALEEDHARAN
Versus
OLR OF M/S MIGWELD MACHINES LTD. (IN LIQN)
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Appearance:
MR MEET SONI FOR MR RAVISH D BHATT(5867) for the Applicant(s) No. 1
KISHAN Y DAVE(8293) for the Respondent(s) No. 2
MR CHIRAYU A MEHTA(3256) for the Respondent(s) No. 1
MR PATHIK M ACHARYA(3520) for the Respondent(s) No. 1
MR RASESH H PARIKH(3862) for the Respondent(s) No. 2
MR.HEMANG H PARIKH(2628) for the Respondent(s) No. 2
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CORAM:HONOURABLE MS. JUSTICE SONIA GOKANI
and
HONOURABLE MS. JUSTICE NISHA M. THAKORE
Date : 27/09/2022
ORAL ORDER
(PER : HONOURABLE MS. JUSTICE SONIA GOKANI)
1. This Court on 26.09.2022 passed the order, which is
required to be produced at this stage.
"1. This is an application for leave to appeal seeking to
challenge the judgment and order dated 18.11.2021
passed by the learned Single Judge in Official Liquidator
Report No. 101 of 2020 in Official Liquidator No. 46 of
2020 in Company Petition No. 49 of 2003.
2. The prayers sought for are as follows:-
"(A) Admit and allow this application;
(B) Grant leave to the applicant to prefer / maintain
present Original Jurisdiction Appeal against the
impugned judgment and order dated 18 th November,
C/CA/2055/2021 ORDER DATED: 27/09/2022
2021 (Annexure A), passed in Official Liquidator
Report No. 101 of 2020, in the ends of justice;
(B) Pass any other order in the ends of justice as
may be deemed just, fit and proper in the peculiar
circumstances of the case."
3. We have heard learned advocate Mr. Ravish Bhatt
appearing for the applicant, learned advocate Mr. Chirayu
Mehta appearing for the Official Liquidator and learned
advocate Mr. Rasesh Parikh appearing for the
respondent no.2.
4. The attention of this Court is drawn to the order dated
09.09.2022 passed by this Court in OLR No. 33 of 2022
in OLR No. 101 of 2020 which has been passed after
calling for the fresh valuation report by the Court, which
requires reproduction:-
"1. Heard learned advocate Mr. Shivang Thacker for
the applicant.
2. The Official Liquidator has filed the present report
with the following prayers:-
"a.) This Hon'ble Court may be pleased to fix the
Upset Price and EMD for sale of the land & building
of the said Company in liquidation as per the
valuation report M/s Gajjar Techno Economic
Consultants Pvt. Ltd., Govt. Approved Valuer as
mentioned in para-7 & 8 of this report, or such other
upset price and EMD, as may be considered
appropriate by this Hon'ble Court.
b.) This Hon'ble Court may also be pleased to direct
the Official Liquidator to issue advertisement in
newspapers "Times of India" in English Script in
Ahmedabad Edition and in "Gujarat Samachar" in
Gujarati Script in entire Gujarat Editions and
"Mumbai Mitra" in Mumbai Edition for inviting offers
for purchase of assets and properties of the
Company in liquidation or such other newspapers
C/CA/2055/2021 ORDER DATED: 27/09/2022
and fix-up the sale schedule as may be considered
appropriate by this Hon'ble Court.
c.) Such other and further orders and directions as
may be considered just and appropriate may also
be passed."
3. This Court had directed the Sale Committee to take
further course of action for sale of assets and
properties of the company in liquidation. In compliance
of the said order, the Sale Committee has
unanimously recommended the proposal for sale of
assets/property on Realizable Value as Upset Price
and 10% EMD of Realizable Value as under :
Lot Description Upset Price EMD (in
No. (in Lacs) Rs.)
I Leasehold Land & 3,43,00,000/- 34,30,000/-
Building situated at
Plot No.9/1 & 8/3
Vithal Udyognagar
Industrial Estate,
Village Karamsad,
Taluka Anand, District
Kheda (Land Area -
5503.15 sq. mtrs. as
per Lease Deed).
4. The Sale Committee members also unanimously
recommended that the advertisement be issued in
"Times of India" in English Script in Ahmedabad
Edition, 'Gujarat Samachar" in Gujarati Script in entire
Gujarat Editions & "Mumbai Mitra" in Mumbai Edition.
5. Considering the Official Liquidator Report and the
submissions made therein, this Court is of the opinion
that the upset price as well as EMD fixed by the Sale
Committee is just and proper and the same is
confirmed accordingly.
C/CA/2055/2021 ORDER DATED: 27/09/2022
6. The Official Liquidator shall publish an
advertisement for sale of the properties of the
company (in liquidation) in "Times of India" in English
Script in Ahmedabad Edition, 'Gujarat Samachar" in
Gujarati Script in entire Gujarat Editions & "Mumbai
Mitra" in Mumbai Edition. The Official liquidator shall
also publish main and full advertisement on MCA
website as well as on website of High Court of Gujarat.
7. The schedule programme for sale of the office of the
company (in Liquidation) shall be as under: -
Sr. Particulars Dates
No.
1. Date of Advertisement 21.09.2022
2. Date of Issue of Tender 30.09.2022
Forms
3. Date of Inspection of 07.10.2022
Property Between 11:30
am to 4:30 pm
4. Last date of receipt of offer 14.10.2022 up to
in the Office of Official 4:30 pm
Liquidator
5. Opening of Tenders/ Offers 19.10.2022 at
and thereafter E- Auction 11.30 a.m.
onwards
8. The Official liquidator is also permitted to conduct e-
auction through M/s. Railtel Corporation of India Ltd. as
per terms and conditions issued by the Ministry of
Corporate Affairs.
9. It is made clear that finalization of auction is subject
to final order that may be passed by this Court and if
required the Court will conduct manual auction, inter-
se biding between bidders to fetch the maximum price
of the property. The Official Liquidator is also permitted
to pay the advertisement bill from the funds available
in the Common pool account after obtaining
C/CA/2055/2021 ORDER DATED: 27/09/2022
permission of this Court on verification of actual bill of
the Advertisement Agency.
10. With the aforesaid observations and directions, this
report is allowed."
5. Considering the subsequent development where the
interest of all concerned also has been taken care of, the
Court has inquired from learned advocate Mr. Ravish
Bhatt to take necessary instructions as to whether they
are inclined to proceed with the matter, for which he
sought time of one day.
6. List the matter on 27.09.2022."
2. Today, learned advocate Mr. Meet Soni for Mr. Ravish Bhatt,
learned advocate appearing for the applicant, on instructions
seeks withdrawal of this matter.
3. Keeping all rights of the parties open, without entering into
merits, permission as sought for is granted.
4. This matter stands disposed of as withdrawn. Notice is
discharged.
(SONIA GOKANI, J)
(NISHA M. THAKORE,J)
Y.N. VYAS
