Allowed

Sicom Ltd. v. the Official Liquidator, High Court of Bombay of Marvel Industries Ltd.., in Liqn.

Bombay HC26 Mar 2015CA/279/2013

Case brief

AI extract

What is this about?

The Bombay High Court permitted SICOM Ltd. to sell property in exercise of powers under Section 13 of the SARFAESI Act, subject to association with the Official Liquidator, prior notice, and an undertaking to return the sale price with interest upon court direction.

What did the court decide?

Sale of property allowed subject to association with the Official Liquidator, notice requirements, and undertaking to return sale proceeds.

Sicom Ltd. Vs the Official Liquidator, High Court of… — Execution and Attachment | Bombay HC (2015)

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ca279-13

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY APPLICATION NO.279 OF 2013 IN

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COMPANY PETITION NO.232 OF 2004

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SICOM Ltd.	..	Applicant
-Versus-
Official Liquidator of Marvel
Industries Ltd. (In Liqn) and Anr.	..	Respondents

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Mr.S.Jagtiani with Ms.Jaymala Raut i/b. M/s.J.J.Associates for applicants Mr. S. Ramakantha O.L. And Ms.Yogini Chauhan Assistant O.L. Present.

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CORAM : S.J.KATHAWALLA, J. DATE : 26^th March 2015.

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P.C.

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1] Perused the valuation report dated 28^th July 2014. The

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reserved price fixed for sale of the property described in prayer clause (a) of the application is fixed at Rs.11 Crores. The earnest money deposit is fixed at 25% of the reserved price.

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2] The applicant SICOM is allowed to sell the property described

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in prayer clause (a) of the application in exercise of its statutory powers under section 13 of the Securitisation and Reconstructions

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of Financial Assets and Enforcement of Security Interest Act, 2002

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(SARFAESI Act).

3] However, the said sale shall be in association with the Official Liquidator. Applicant SICOM shall give clear seven (7) days notice in writing to the Official Liquidator, before taking any steps qua the sale of the property. The Official Liquidator shall be at liberty to move this Court for appropriate reliefs qua the said sale. SICOM shall also bring back the sale price with interest thereon, if the court directs it to do so in future. The Official Liquidator shall allow prospective bidders to take inspection of the property.

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4] The possession of the property shall be handed over to SICOM within a period of two weeks from today. Company Application and Official Liquidator's report both are disposed of accordingly.

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5] SICOM undertakes to pay the outstanding security charges, if any, to the Official Liquidator.

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( S.J.KATHAWALLA, J.)

Sicom Ltd. v. the Official Liquidator, High Court of Bombay of Marvel Industries Ltd.., in Liqn.

Case brief

What is this about?

What did the court decide?

Sicom Ltd. v. the Official Liquidator, High Court of Bombay of Marvel Industries Ltd.., in Liqn.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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