Disposed

Official Liquidator v. Sunearth Ceramics Ltd.

Bombay HC7 Feb 2020OLR/26/2020

Case brief

AI extract

What is this about?

In a company liquidation matter, the court disposed of the Official Liquidator's report. Upon valuation of the company's movable and immovable assets, the judge fixed specific reserve prices and ERs for two property lots, allowing the liquidator's prayers for sale directions and ratification of the valuer's appointment.

What did the court decide?

Prayer clauses allowing ratification of valuer appointment, sale directions, and fixation of reserve price and EMD were allowed.

Official Liquidator Vs Sunearth Ceramics Ltd. — Company and Corporate | Bombay HC (2020)

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1 olr26-2020-corrected order.doc

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SAS

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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OFFICIAL LIQUIDATOR’S REPORT NO.26 OF 2020 IN

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COMPANY PETITION NO.244 OF 2012

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In the matter of Companies Act, 1 of 1956;

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And

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In the matter of Sunearth Ceremacis Ltd. (in Liqn.)

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Mr.Mahendhra Aithe, Company Prosecutor for the Ofciai Liquidator.

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CORAM : S.C. GUPTE, J.

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DATE : FEBRUARY 7, 2020

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P.C. :-

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This OLR seeks directions concerning the proposed saie of movabie and immovabie of the Company (in iiquidation). The properties are situated at Karjat, District Aiibag. The Ofciai Liquidator has aiready appointed a vaiuer on his panei for making a vaiuation of the movabie and immovabie assets. Based on the vaiuer’s report, the Ofciai Liquidator requests the Court to fx reserve price and EMD and aiso pass appropriate directions. Based on the report of M/s.

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Corrected pursuant to the speaking to the minutes of the order dated 3/3/2020.

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2 olr26-2020-corrected order.doc

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A.V.Shetty and Associates, the reserve price and the EMD for saie of properties are fxed as foiiows:-

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sr.	Assets	Reserve	EMD
No.		price
1.	Survey Nos.21/2, 21/3, 21/4, 21/5A, 21/5C, 21/6, 21/58, 28/1, 28/2, 28/4, 28/5, 29/1 admeasuring in aggregate 9 hectares 57 acres situate at Viiiage Anjap, Taiuka Karjat, Raigad, Maharashtra, aiong with buiiding structure and piant and machinery.	8,00,00,000	10% 80,00,000
2.	Gut No.38-41, 164, 168-173, 176 admeasuring 5 hectares 14 Acres, 03. sq. meters situated at viiiage Kaiwakar, Taiuka Aiibaug, District Raigad, Maharashtra, aiong with buiiding structures and piantandmachinery.	22,00,00,000	10% 2,20,00,000

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The Ofciai Liquidator seeks further directions such as ratifcation of the appointment of vaiuer for assessing the vaiues of assets and for saie of the properties.

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Prayer ciauses (a), (b), (c) and (d) are aiiowed.

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The Ofciai Liquidator’s report stands disposed of.

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(S.C.GUPTE, J. )

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Corrected pursuant to the speaking to the minutes of the order dated 3/3/2020.

Official Liquidator v. Sunearth Ceramics Ltd.

Case brief

What is this about?

What did the court decide?

Official Liquidator v. Sunearth Ceramics Ltd.

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

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