Allowed

Official Liquidator of v. Exim Bank

Karnataka HC1 Apr 2021CA/91/2021

Case brief

AI extract

What is this about?

The High Court of Karnataka allowed the application by the Official Liquidator of Compudyne Winfosystems Limited to appoint a valuer from the court panel to assess its immovable assets. The court accepted the request to fix an upset price for the vacant land and appointed Sri. Inturi Veeraiah as the valuer, permitting the liquidator to pay fees from available company funds upon receipt of the repo

What did the court decide?

Sri. Inturi Veeraiah appointed as valuer; request accepted to value immovable assets and incur expenditure from company funds.

Official Liquidator of Vs Exim Bank — Insolvency and Bankruptcy | Karnataka HC (2021)

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 1^ST DAY OF APRIL, 2021

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BEFORE

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THE HON'BLE MR. JUSTICE S. SUNIL DUTT YADAV

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COMPANY APPLICATION NO.91/2021 IN COMPANY PETITION NO.175/2004

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BETWEEN:

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Official Liquidator of M/s.Compudyne Winfosystems Limited (in liqn) Attached to High Court of Karnataka, “Corporate Bhavan”, No.26-27, 12^th Floor, Raheja Towers, M.G.Road, Bengaluru-560001.

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… Applicant (By Sri.Jagadeeshgoud Patil, Advocate)

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AND:

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Exim Bank 4^th Floor, Ramanashree Arcade, No.18, M.G.Road, Bengaluru-560001.

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M/s.Canara Bank ARM Branch, Spencer Building, 2^nd Floor, Circle Office, No.86, M.G.Road,

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Bengaluru-560001.

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...Respondents

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This Company Application is filed under Rule 272 read with Rule 6 and 9 of the Companies (Court) Rules, 1959, praying to appoint a valuer from the panel of the

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valuers of this Hon’ble Court to value the immoveable assets of the company (in liquidation) as stated in para No.3 supra.

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This Company Application coming on for Orders, this day, the Court made the following:

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O R D E R

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CA No.91/2021 has been filed seeking for

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appointment of valuers from the panel of valuers to value the immovable assets referred to in paragraph 3 of the said application and to incur expenditure relating to the valuation from the available funds of the Company.

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The official liquidator submits that the company was ordered to be wound up as per the order dated 27.02.2006 and that the only other left over immovable assets is vacant land measuring 2400 sq.ft situated at No.56, V.P.Katha, 56/274, Garuvebhavipalya, Hongasandra Panchayat, Beguru Hobli, Bommannahalli Nagara Sabha, Bengaluru North.

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In light of the need to fix upset price before

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bringing the property to sale, request of the official liquidator is accepted.

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Sri.Inturi Veeraiah,B2-1004, Golden Palms Apartments, Near Krishty Jayanthi College, K.Narayanapura, Bangalore North, Bengaluru, Karnataka-560077 is appointed as a valuer to complete the valuation process and file report within a period not later than one month from the date of communication by the official liquidator to make out the valuation.

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5. The official liquidator is permitted to pay

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professional fee on receipt of valuation report as per the settled guidelines.

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Accordingly, CA No.91/2021 is disposed off.

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Sd/JUDGE

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Official Liquidator of v. Exim Bank

Case brief

What is this about?

What did the court decide?

Official Liquidator of v. Exim Bank

Case brief

What is this about?

What did the court decide?

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