Official Liquidator of Reflection Promotions Pvt. Ltd. (in Liquidation) vs H K Merchandies Pvt. Ltd. (Petitioner)

“a) In view of the para (12) of this report, whether this Hon'ble Court may be pleased to allow the Official Liquidator to be pleased to peruse the valuation report submitted by V. S. Jadon & Co. Valuers LLP in respect of the moveable's of the Company (In Liqn) and be pleased to fix the reserve price and EMD in respect thereof.

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b) In view of the para (14) of this report, whether this Hon'ble Court be pleased to allow the Official Liquidator to sell the moveables of the Company (In Liqn) lying at Flat No.304, 3rd floor, Avenue B-1, Building No. 15, Type 2, Agarwal Lifestyle, Global City, Dongre, Virar (W), Palghar through e-auction by M/s. Railtel Corporation Of India Limited and permit the Official Liquidator to place further report before this Hon'ble Court for confirmation of the highest bidder in e-auction, or any other direction

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this Court may deem fit and proper.

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c) In view of the para (15) of this report, whether this Hon'ble Court may be pleased to approve draft "Sale Notice" and "Terms and Conditions of Sale" and permit the Official Liquidator to upload the said approved "Sale Notice" and "Terms and Conditions of Sale" on website of the Ministry of Corporate Affairs at www.mca.gov.in and on the website of RailTel Corporation of India Limited https://olauction.enivida.com.

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d) In view of the para (16) of this report, whether this Hon'ble Court may be pleased to permit the Official Liquidator to publish a sale notice in newspapers for sale the moveable's of the Company (In Liqn) as required under Rule 272 and 273 of the Companies (Court) Rules, 1959 in 'Free Press Journal' (In English) and 'Navshakti' (In Marathi) both published from Mumbai and the Official Liquidator may be permitted to pay the advertisement charges from the amount lying in the credit of the Company (In Liqn), subject to deduction of TDS at the prevailing rate.

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e) In view of the para (17) of this report, whether this Hon'ble Court may be pleased to permit the Official Liquidator to pay the Business & Industrial Consultants valuer charges as per bill for an amount of Rs.3,540/(Rupees Three Thousand Five Hundred and Forty Only) from the funds lying in the credit of the Company (in Liqn.)

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f) In view of the para (18) of this report, whether this Hon'ble Court may be pleased to permit the Official Liquidator to pay the valuer charges after scrutiny of bill of V. S. Jadon & Co. Valuers LLP from the common pool fund (office expenses account) subject to reimbursement after deduction of TDS at prevailing rate.

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g) In view of the para (19) of this report, in alternative if sale through e-auction fails to fetch a bidder whether this Hon'ble Court may be pleased to permit the Official

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Liquidator to negotiate with local vendors by publishing sale notice on the notice board of the Official Liquidator and permit the Official Liquidator to place a report for confirmation of such sale.

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h) For such other and further directions as this Hon'ble court may deem fit and proper.”

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2. The Valuation Report is tendered in sealed cover. This Court has perused the valuation report.

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3. The movables are furniture lying in the flat which was an asset of the company (under liquidation) and Valuation Report has been prepared after inspection was carried out in 2021. The Official Liquidator is permitted to peruse the Valuation Report.

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4. The reserve price is fixed at Rs.10,000/- and earnest money deposit at 25% of reserve price. It will be necessary for the notice of sale to contain description of all details of movables which are put up for sale. Leave is granted to Official Liquidator to amend the description to include all movables which are subject-matter of sale. This Court has also perused the sale and draft sale notice and the same are approved.

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5. The Official Liquidator’s Report is allowed in terms of prayer clauses (a) to (g).

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6. The Valuation Report is resealed and handed over to Official Liquidator.

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[Sharmila U. Deshmukh, J.]

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Signed by: Sachin R. Patil Designation: PS To Honourable Judge Date: 05/08/2025 16:18:50

Official Liquidator of Reflection Promotions Pvt. Ltd. (in Liquidation) v. H K Merchandies Pvt. Ltd. (Petitioner)

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Official Liquidator of Reflection Promotions Pvt. Ltd. (in Liquidation) v. H K Merchandies Pvt. Ltd. (Petitioner)

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