Allowed

The Official Liquidator of Elder Pharmaceuticals Ltd. (in Liquidation) v. Puspasen C. Jhaveri. (Petitioner)

Bombay HC12 Apr 2024OLR/40/2024

Case brief

AI extract

What is this about?

In an official liquidator's report, the High Court of Bombay allowed directions to confirm the sale of immovable assets by the company in liquidation to the highest bidder and permitted handover of possession upon receipt of full consideration. The matter relates to company insolvency and asset recovery under the Companies Act, 1956.

What did the court decide?

Directions confirmed the sale in favour of the highest bidder and permitted handover of possession after receiving full consideration.

The Official Liquidator of Elder Pharmaceuticals Ltd… — Company and Corporate | Bombay HC (2024)

bipin prithiani

2-olr-40.24.doc

BIPIN DHARMENDER Digitally signed by BIPINDHARMENDER PRITHIANI PRITHIANI Date: 2024.04.15 15:27:53 +0530

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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. 40 OF 2024 IN

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COMPANY PETITION NO. 488 OF 2015

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In the matter of The Companies Act, I of 1956;

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AND

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In the matter of Elder Pharmaceuticals Ltd. (in liquidation)

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Puspasen C. Jhaveri … Petitioner

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Mr. Ranjeev Carvalho for the Official Liquidator. Mr. Rajender Kumar, Official Liquidator (I/c.).

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CORAM: MANISH PITALE, J. DATE : 12^th APRIL 2024

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P.C. :

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. By this Official Liquidator’s Report (OLR), the official liquidator is seeking directions in terms of prayer clauses (a) and (b), which read as follows :

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“a) In view of averments made in paragraph [9] of this report, whether this Hon’ble Court be pleased to confirm the sale in favour of Rajeev Sudhakaran, the Highest Bidder with sum of Rs.21,00,00,000/- (Rupees Twenty One Crores Only) for immovable assets of the Company (In Liquidation) situated at Plot No.D-219/1, MIDC, Trans Thane Creak Industrial Area, Belapur Road, Shirwane, Dist. Thane, Maharashtra;

bipin prithiani

2-olr-40.24.doc

b) If prayer clause (a) is affirmative, whether this Hon’ble Court would be pleased to permit the Official Liquidator to handover the possession of said immovable assets of the Company (In Liquidation) situated at Plot No.D-219/1, MIDC, Trans Thane Creak Industrial Area, Belapur Road, Shirwane, Dist. Thane, Maharashtra after receiving the full scale consideration from the successful bidder.”

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The aforesaid directions are sought in the backdrop of the order dated 19^th January 2024, whereby the official liquidator was permitted to issue sale notice in respect of plot of land belonging to the company in liquidation, located in District Thane, Maharashtra.

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The learned counsel for the official liquidator invites attention of this Court to the e-auction summary annexed at Exhibit ‘D’. It shows that there were 11 bidders and 86 bids. The reserve price, by order dated 19^th January 2024, was fixed at Rs.4.5 crores. The highest bidder was one Mr. Rajeev Sudhakaran, who offered a bid of Rs.21 crores for the said plot of land.

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Considering the material placed on record along with the OLR, the same is allowed in terms of prayer clauses (a) and (b), quoted herein above.

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MANISH PITALE, J.

The Official Liquidator of Elder Pharmaceuticals Ltd. (in Liquidation) v. Puspasen C. Jhaveri. (Petitioner)

Case brief

What is this about?

What did the court decide?

The Official Liquidator of Elder Pharmaceuticals Ltd. (in Liquidation) v. Puspasen C. Jhaveri. (Petitioner)

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

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