High Court at Bombay confirmed auction sale of Otoklin Plants and Equipments Ltd.'s movable assets in favor of M/s. A.A. Associates for Rs.18.25 lakhs and made the Official Liquidator's Report absolute.
Official Liquidator's Report made absolute; sale confirmed; possession handed over against payment.
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923-CPOLR-159-2016.DOC
SHEPHALI
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.970 OF 1997
WITH
OFFICIAL LIQUIDATOR’S REPORT NO.159 OF 2016
Otoklin Plants and Equipments Ltd. & Ors.… In
Liquidation
Mr. Vinod Sharma, Official Liquidator, with Ms. Yogini Chauhan,
Dy. O.L.
Dr. Deepti Mukesh, i/b Mr. B.B. Parekh for Development
Commission Kandla (SEZ).
Mr. Rohit Gupta, with Anisha Zachania, i/b PKA Advocates.
Mr. Abu Ahmed, Proprietor of A.A. Associates, successful bidder.
CORAM: G.S. PATEL, J DATED: 13th June 2016
PC:-
1.The report relates to auction sale of the movable assets of
Otoklin Plants and Equipments Ltd. (in liquidation). These
movables assets are on site at Sector No.4, Kandla Free Trade
Zone, Gandhidham, Gujarat-370 230. An advertisement was issued
by the Official Liquidator in the Free Press Journal on 22nd March
2016 and in the Gujarat Samachar in Gujarati on the same day. The
Liquidator’s Report sets out the sale schedule that was fixed for
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13 June 2016
923-CPOLR-159-2016.DOC
these movables assets and that the sale notice was also uploaded to
the MCA and Bombay High Court websites.
2.When the tender box was opened on 22nd April 2016 at 4
pm, 17 sealed offers were found to have been received. Notice of
the sale was given to ARCIL, Development Commissioners Kandla,
SEZ.
3.The Official Liquidator today has placed before me a revised
valuation report. Its contents are noted.
4.All 17 offers were opened in Court. A list of the 17 offerers
was drawn up by the Official Liquidator. The offer amounts and the
EMD amounts were filled in by hand in Court today. The names of
the 17 bidders were called out in Court. Of these, six were absent.
Of the 17 offers, three parties had made the highest offers, each of
Rs.16 lakhs. An open auction bid was conducted amongst those
present. All parties present were permitted to participate in the
bidding process. The highest bid received was of Rs.18.25 lakhs
from M/s. A.A. Associates.
5.The sale of the movables assets (Plant and Machinery)
advertised and being the subject matter of the report is confirmed
in favour of M/s. A.A. Associates in the amount of Rs.18.25 lakhs
on the usual terms and conditions.
6.In view thereof, the Official Liquidator’s Report is made
absolute in terms of prayer clauses (a) and (b). Payment of the
remaining amount by M/s. A.A. Associates is to be made at any
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923-CPOLR-159-2016.DOC
time within 30 days from today. Possession of movable assets is to
be handed over by the Liquidator immediately against payment
being made.
7.It is clarified that the movables will have to be removed from
the site within 30 days from today. Whatever arrangements are
required to be made have to be made within that period.
8. The EMDs of the unsuccessful bidders are to be returned to them.
9. All concerned to act on an authenticated copy of this order.
(G. S. PATEL, J.)
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13 June 2016
1 issue framed by the court
Whether Official Liquidator's Report No.159 of 2016 relating to auction of movable assets should be made absolute.
1 provisions across 1 enactments
Development Commission Kandla (SEZ)
Otoklin Plants and Equipments Ltd.
G. S. PATEL
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court