Gujarat High Court
Devbhoomi Agrifresh Pvt Ltd. Through ... vs Ol Of Aryoday Spg. And Wvg. Mills Co. Ltd on 17 February, 2025
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C/COMA/4/2025 ORDER DATED: 17/02/2025
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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/COMPANY APPLICATION NO. 4 of 2025
In R/OFFICIAL LIQUDATOR REPORT NO. 42 of 2024
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DEVBHOOMI AGRIFRESH PVT LTD. THROUGH ITS DIRECTOR
SHASHIPAL KUMAWAT
Versus
OL OF ARYODAY SPG. AND WVG. MILLS CO. LTD. & ORS.
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Appearance:
MR SAURABH M PATEL(5019) for the Applicant(s) No. 1
MR DS VASAVADA(973) for the Respondent(s) No. 3
MR PATHIK M ACHARYA(3520) for the Respondent(s) No. 2
MR DHAWAN JAYSWAL, ADVOCATE for
OFFICIAL LIQUIDATOR for the Respondent(s) No. 1
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CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT
Date : 17/02/2025
ORAL ORDER
1. This application is filed with a prayer to grant
extension of three months' for depositing the balance
amount of Rs. 46,50,00,000/-, which is the last
installment.
2. Heard learned advocate Mr. Saurabh M. Patel for
the applicant, learned advocate Mr. Dhawan Jayswal for
the Official Liquidator, learned advocate Mr. Amar Barot
for learned advocate Mr. D. S Vasavda for the
respondent-workman.
3. Learned advocate for the applicant submitted that,
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C/COMA/4/2025 ORDER DATED: 17/02/2025
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pursuant to participation of the applicant in the auction
bid for the subject property of the company in liquidation,
M/s Aryodaya SPG & WVG Mills Company Ltd.; the
applicant was declared as highest bidder vide oral
judgment dated 22.10.2024. As per the directions of this
Court, the amount as per the bid was to be paid within a
stipulated time period. Learned advocate submitted that
till date, the applicant has deposited Rs. 35,50,00,000/- as
per the terms and conditions of the auction proceedings
approved by this Court. As per the terms and conditions
of the auction proceedings, balance amount of Rs.
46,50,00,000/-, is to be paid on or before 21.2.2025.
4. Learned advocate submitted that, on account of
personal difficulty on part of the Directors of the
Company, who had purchased the subject property
through auction, they will not be in a position to pay the
balance amount as per the terms of auction on or before
21.2.2025. Therefore, this application is filed seeking
extension for further period of three months from
21.2.2025. Learned advocate submitted that considering
the bonafides of the applicant extension may be allowed.
5. Opposing the petition, learned advocate Mr. Jayswal
for Official Liquidator with learned advocate Mr. Barot for
the respondent workmen, submitted that delayed
payment would prejudice the disbursement to be made to
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the workmen and accordingly this extension may be
considered by awarding appropriate interest on the
delayed payment. Learned advocate for the opponent
requested interest @ 12 to 15% on delayed payment.
Learned advocate Mr. Jayswal also relied upon the order
dated 26.10.2023 in Company Application No. 55 of 2023,
wherein this Court has directed to deposit 75% of the
balance amount with 12.5% rate of interest.
6. Considered the submissions. It is noticed that the
applicant herein being the highest bidder had deposited
earlier two installments as per the terms and conditions
of the auction, however, this application is filed seeking
extension of time for payment of last installment.
Considering the bonafides of the applicant as they had
deposited earlier two installments in time and noticing
the fact that the payment of last installment in time, is
indicated not possible on account of ill-health of the
Director, this Court deems it appropriate to consider the
application for granting extension of time.
7. Therefore, this application is allow extending the
time for further period of 3 months from 21.2.2025. Since
the payment as earlier directed could not be paid within
the time frame as per the terms of auction, the balance
amount i.e Rs. 46,50,00,000/- is directed to be paid by the
applicant with interest @ 10% from 21.2.2025 till the
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date of actual payment.
8. It is open for the applicant to pay the balance
amount with interest @ 10%, in three equal installments
or in the alternative to make the payment of entire
outstanding amount with interest within extended period
as granted by this Court.
9. With the above direction, the present application is
disposed of.
(MAUNA M. BHATT,J)
MARY VADAKKAN
