Disposed

Official Liquidator of Ardor International Private Limited(in Liqn.) v. Bank of India

Gujarat HC5 May 2018OLR/47/2018

Case brief

AI extract

What is this about?

The Court disposed of the Official Liquidator's report in Ardor International Private Limited. It allowed prayers to ratify taking physical possession of assets, constitute an asset sale committee, open an inventory report, and deploy security guards funded from the Common Pool Fund.

What did the court decide?

Prayers regarding possession of assets, asset sale committee, inventory report, and security guard deployment were granted.

Official Liquidator of Ardor International Private… — Company and Corporate | Gujarat HC (2018)

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C/OLR/47/2018 ORDER

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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

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R/OFFICIAL LIQUDATOR REPORT NO. 47 of 2018

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COMPANY PETITION NO. 297 of 2016

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========================================================== OFFICIAL LIQUIDATOR OF ARDOR INTERNATIONAL PRIVATE LIMITED(IN LIQN.)

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Versus BANK OF INDIA

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==========================================================

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Appearance:

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MR JEET J BHATT(6154) for the PETITIONER(s) No. 1 OFFICIAL LIQUIDATOR(16) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1,10,2,3,4,5,6,7,8,9

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==========================================================

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CORAM: HONOURABLE MR.JUSTICE C.L. SONI

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Date : 05/05/2018

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ORAL ORDER

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Following are the prayers made in para 6 of the present report:-

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a. This Hon’ble Court may be pleased to take on record and kindly ratify the action of taking over physical possession of the property No.2 (open plots i.e. adjoining plot No.5,6,7 & 8 known as “Rudra Vatika” Savita Co-op. Housing Society Ltd. Vibhag-1 situated at non agricultural land TPS-214, VillageThaltej, Tal- Dascroi, Dist- Ahmedabad-9 (Bopal) of the company in (Liqn.) by the Official Liquidator as reported in para- 2 herein above.

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b. That, this Hon’ble Court may be pleased to permit constitute of asset sale committee under the chairmanship of the Official Liquidator, Secured Creditors and workers if any, as members of the sale committee for taking action for sale/ disposal of the assets and properties of the said company in Liquidation as reported in para-4.

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c. This Hon’ble Court may allow Official Liquidator to open the inventory-cum valuation report before the sale committee and direct Official Liquidator to submit its report along with recommendation of sale committee.

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d. This Hon’ble Court may be pleased to ratify the action taken by Official Liquidator for deploying the Security Guard at the said Company premises for reasons mentioned in para-3 and permit the Official Liquidator to make payment of 01 security

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Page 1 of 2

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C/OLR/47/2018 ORDER

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guard per shifts only i.e. (10:0 a.m. to 06.00 p.m.) deployed at property No.2 for safe guarding the assets and properties of Co. (In Liqn.) to M/s. Surya Security & Labour Services from Common Pool Fund of various Company (In Liqn.) maintained by O/o. Official Liquidator after receipt of bills, subject to recouping the same against the sale proceeds from Assets of the Co.(In Liqn.) in future.

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e. …..”

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Learned advocate Mr. Jeet Bhatt for the Official Liquidator submitted that as stated in the report, physical possession of the property No.2, as described in para 2 of the report, is taken over by the Official Liquidator and in respect of the properties of the company in liquidation, the Official Liquidator is required to constitute Asset Sale Committee under his leadership for sale/ disposal of the assets and properties of the company and after getting valuation of the properties done, the valuation report shall be required to be placed before the Sale Committee for the purpose of deliberation thereon by the Sale Committee. Mr. Bhatt also submitted that since to safeguard the company’s properties, the Official Liquidator is to deploy security guards and to make payment of the security expenses to the security agency, as stated in the report, the Court may also ratify the action of the Official Liquidator for deploying the security guards and to make payment of the security expenses to the security agency.

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The Court, having heard learned advocate Mr. Bhatt and having considered the contents of the reports and having taken note of the fact of taking physical possession of the property No.2, as described in para 2 of the report, by the Official Liquidator, finds that the prayers contained in para 6(a) to 6(d) could be granted. They are accordingly granted. The Report stands disposed of.

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OMKAR

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Official Liquidator of Ardor International Private Limited(in Liqn.) v. Bank of India

Case brief

What is this about?

What did the court decide?

Official Liquidator of Ardor International Private Limited(in Liqn.) v. Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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