Disposed

Official Liquidator of Loop Mobile (India) Ltd. (in Liquidation) v. Megasoft Limited

Bombay HC23 Feb 2024OLR/86/2022

Case brief

AI extract

What is this about?

Official Liquidator report concerning mobile towers erected by a company in liquidation on societies' premises. The court permitted dismantling and removal, directed supervised sale in consultation with the Official Liquidator, and ordered balance sale proceeds be paid to the Official Liquidator.

What the court decided

AI extract

Official Liquidator of Loop Mobile (India) Ltd. (in… — Insolvency and Bankruptcy | Bombay HC (2024)

bipin prithiani

1-olr-86.22.doc

BIPIN DHARMENDERPRITHIANI Digitally signed by BIPINDHARMENDER PRITHIANIDate: 2024.02.26 11:35:22 +0530

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

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OFFICIAL LIQUIDATOR REPORT NO. 86 OF 2022 IN

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COMPANY PETITION NO. 830 OF 2014

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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 Loop Mobile (India) Ltd. (in liquidation)

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Megasoft Limited … Petitioner

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Mr. Rajeev Carvalho for Official Liquidator. Mr. Chandan Kumar, Official Liquidator.

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Merlyn Vasudeo Nee Monteiro for the Noticee Nos.14/Mhatarpada CHLS, 20/Shivsagar SRA CHSL, 21/Green Park Complex CHSL and 25/Smith House CHSL.

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Ms. Ashwin S. Tripathi i/by Mr. Vinod S. Pandey for Noticee No.16/Shukra Building Premises Co-operative Society Ltd. Mr. H. S. Bengali for Noticee No.24/Anjuman-e-Shiate Ali.

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CORAM: MANISH PITALE, J. DATE : 23^rd FEBRUARY, 2024

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P.C. :

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. This Official Liquidator Report (OLR) has been filed for seeking specific directions in terms of prayer clauses at paragraph 26 of the OLR.

bipin prithiani

1-olr-86.22.doc

This is in the context of mobile towers erected by the company in liquidation on the premises of various societies and entities.

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The learned counsel for the official liquidator invited attention of this Court to the contents of the OLR and the documents filed therewith, to indicate that such mobile powers erected by the company in liquidation are required to be dealt with, in the backdrop that the societies and entities on whose premises they were erected intend to dismantle the towers for various reasons, which include in some cases redevelopment projects contemplated by the societies.

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Since, the process of dismantling the towers as also the ancillary equipments entails costs, some of the societies, represented by the counsel before this Court, have contended that the directions proposed to be issued by this Court may take into consideration the costs that would be incurred while undertaking such an exercise of dismantling or removing the towers and the ancillary equipments.

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The learned counsel for the official liquidator informed this Court that some of the societies had already dismantled the towers and the ancillary equipments, and further, that the same had been disposed of. In that light, appropriate directions are sought by the official liquidator.

bipin prithiani

1-olr-86.22.doc

This Court has heard the learned counsel for the official liquidator as also the learned counsel representing some of the societies. Having heard the learned counsel, this Court is inclined to dispose of the OLR by issuing specific directions. Instead of granting the prayers at prayer clauses (a) to (e) in the OLR, the proposed directions would cover most of the concerns expressed on behalf of the official liquidator as well as some of the societies.

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The OLR is disposed of as follows :

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(a) The societies/entities, in whose premises towers were erected by the company in liquidation, are permitted to dismantle or remove the towers and the ancillary equipments.

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(b) The dismantled towers and ancillary equipments may be sold by the societies/entities in consultation with the Official Liquidator. During the process, the Official Liquidator may keep a representative present, so that the process of sale is undertaken in consultation with and under the supervision of the Official Liquidator.

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(c) The sale proceeds from such sale of the towers and ancillary equipments shall be made over by the societies/entities to the Official Liquidator after deducting the costs incurred for dismantling/ removing the towers and the ancillary equipments. The balance amount shall be handed over to the Official Liquidator within two weeks thereafter.

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This Court is informed that the societies at Senior Nos.15,

bipin prithiani

1-olr-86.22.doc

16 and 24 of the table at paragraph 25 of the OLR i.e. Shri Mahalaxmi CHS Limited (Sr. No.15), Shukra Building Premises Co-op. Society Ltd. (Sr. No.16) and Anjuman-e-Shiate Ali (Sr. No.24), have already dismantled and sold the towers and ancillary equipments. It is further directed that the aforementioned three societies shall pay the balance amount as indicated herein above to the official liquidator within six weeks from today. The said societies shall abide by the above mentioned directions and in that regard, the official liquidator is at liberty to correspond with the said societies. It is further directed that the concerned societies/entities shall take safety measures while removing the towers and the ancillary equipments from their premises.

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Since, the official liquidator is bound to come across further societies/entities, where the company in liquidation had installed such towers and ancillary equipments, as a consequence of which the aforesaid issue would arise in the future also, it is directed that the official liquidator and the concerned societies/entities shall act in accordance with the directions issued herein above.

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11. The OLR stands disposed of.

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MANISH PITALE, J.

Official Liquidator of Loop Mobile (India) Ltd. (in Liquidation) v. Megasoft Limited

Case brief

What is this about?

What the court decided

Official Liquidator of Loop Mobile (India) Ltd. (in Liquidation) v. Megasoft Limited

Case brief

What is this about?

What the court decided

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