Allowed

Mohatta Brothers Property Co. v. G N Automotive Pvt. Ltd.

Bombay HC5 Sept 2018CA/419/2018

Case brief

AI extract

What is this about?

The court disposed of the Official Liquidator's Report in a winding-up petition. It accepted the applicant's offer to purchase company movables for Rs.7,00,000/- to avoid auction costs, and granted an order for the liquidator to hand over vacant possession of the premises and the movables to the applicant upon payment.

What did the court decide?

Official Liquidator to hand over vacant and peaceful possession of the premises and movables in the applicant's favor within one week of payment of Rs.7,00,000/-.

Mohatta Brothers Property Co. Vs G N Automotive Pvt. Ltd. — Company and Corporate | Bombay HC (2018)

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1.OLR-120-2018.doc

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

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OFFICIAL LIQUIDATOR'S REPORT NO.120 OF 2018 WITH COMPANY APPLICATION NO.419 OF 2018 IN COMPANY PETITION NO.709 OF 2014

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In the matter of Companies Act, I of 1956 And

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In the matter of G.N. Automotive Private Limited (In Liqn.)

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Mohatta Brothers Property and Co. ….Petitioner

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Mr. P. Atchuta Ramaiah, Official Liquidator present. Mr. Mahendhar Aithe, Company Prosecutor for Official Liquidator present. Mr. Sunny Shah I/b. Hemant Sethi and Co. for applicant. Mr. Sachin Vyas, representative of petitioner.

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CORAM : K.R.SHRIRAM, J. DATE : 5^th SEPTEMBER 2018

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P.C.:

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1 The application which is listed today with Official Liquidator's Report is by the owner of the premises which was given on leave and license to the company (in liquidation). The license was terminated on 22^nd November 2010 because the company (in liquidation) was not paying the license fees. Infact applicant had filed the petition under Section 434 of the Companies Act 1956 and the petition was admitted on 21^st March 2016. In the same petition filed by applicant, the company was ordered to be wound up by an order dated 11^th January 2018.

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2 Official Liquidator has taken charge of the assets. Applicant wants return of his property. On the property, there are various movables

Gauri Gaekwad

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that belong to the company (in liquidation). On the directions of this Court, Official Liquidator had called for valuation of the movables by M/s. Shetgiri and Associates. M/s. Shetgiri and Associates, Valuer have submitted a valuation report R/Val/Report of 2018/8599 of 2018-19 dated 19^th July 2018. The Valuers have indicated fair and reasonable market value of each of the items mentioned therein and the amount totals to Rs.6,31,041/-.

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3 Official Liquidator's Report is to consider the valuation report and to permit Official Liquidator to advertise the sale and call for bids.

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4 Mr. Shah, counsel for applicant, on instructions from Mr. Sachin Vyas stated that applicant is ready to purchase the movables for Rs.7,00,000/-. Mr. Shah states that this amount will be paid within one week from today.

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5 I am inclined to accept this offer because if an attempt is made to sell the movables by public auction, Official Liquidator will have to incur expenditure by way of advertisement. Official Liquidator indicates that the advertising cost will be in the region of Rs.35,000/-. It is also not certain whether the movables will fetch the value indicated by the Valuer.

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6 Therefore, the application is allowed and accordingly disposed in terms of prayer clause – (a) which reads as under :

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(a) That Official Liquidator, High Court, Bombay, appointed as Liquidator in company petition no.709 of 2014 of G.N. Automotive Private Limited be directed to hand over vacant

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and peaceful possession of the premises being, lying and situated at Mohatta Bhavan, Godown No.5, Opp. Tata Workshop, Off. Dr. E. Moses Road, Worli, Mumbai 400 018.

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7 In view of the above, prayer clauses – (a) and (b) of Official Liquidator's Report does not survive. As regards prayer clause - (c) is concerned, the same is granted. Official Liquidator to hand over formal possession to applicant with movables within one week of applicant paying the amount of Rs.7,00,000/-.

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8 Official Liquidator's Report accordingly stands disposed.

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Digitally signed Gauri by Gauri AmitGaekwad Amit Date: Gaekwad 2018.09.0711:49:20 +0530

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(K.R. SHRIRAM, J.)

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Gauri Gaekwad

Mohatta Brothers Property Co. v. G N Automotive Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Mohatta Brothers Property Co. v. G N Automotive Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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