The Official Liquidator reported an offer of Rs.1.20 crore from Mahalaxmi Chemicals for a factory shed. The court approved the offer as it exceeded the valuation and confirmed the sale should be executed only to the offerer.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
OFFICIAL LIQUIDATOR’S REPORT NO.202 OF 2019/V
IN
COMPANY PETITION NO.501 OF 2005
In the matter of Companies Act, I
of 1956
And
In the matter of Model Fastners
Pvt. Ltd. (In Liquidation)
M/s.Viral R.Malaviya
)….Petitioner
[Mr.Mahendhar Aithe-Company Prosecutor for OL present].
Mr.Satish Sawant-Dy.Manager, Saraswat Bank present].
CORAM :K.R.SHRIRAM,J
DATE : 23.8.2019
P.C.:-
1.Pursuant to orders passed by this Court, the Official
Liquidator has advertised sale of a factory shed on plot no.W-19,
Badlapur MIDC Industrial area, kharvai, Taluka-Ambernath, Dist.
Thane (the said property). The same property was put up for sale on
1.8.2016, on 24.11.2016 for 2nd attempt, on 18.10.2017, 1.4.2018 and
26.7.2019. Mr.Aithe states that for the sale on 26.7.2019 though the
Official Liquidator has received 2 offers, actually only one offer has
KJ
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been received and the offer is one from Mahalaxmi Chemicals.
Mahalaxmi Chemicals has made an offer of Rs.1,20,00,000/- and has
also given Pay Order of Rs.30,00,000/- in favour of the Official
Liquidator, High Court, Bombay as earnest money.
2.I have also considered the valuation report dated 9.7.2019
issued by one Vinay Phatak and the fair and reasonable value
indicated is Rs.1,15,45,000/-. The reserve price indicated in 2016 &
2017 was for Rs.1,15,00,000/- whereas last two sales were without
indicating the reserve price. Since the value offered is more than the
value indicated in the report, I am inclined to accept the offer of Jai
Mahalaxmi Chemicals subject to offerer complying with terms and
conditions of sale. The sale deed shall be executed only in favour of
Jai Mahalaxmi Chemicals and nobody else.
Report disposed.
KJ
M.Viral R.Malaviya
Model Fastners Pvt. Ltd.
Mahalaxmi Chemicals
K.R.SHRIRAM
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court