Application for permission to sell a company vehicle via e-auction allowed without a valuation report, deeming the cost unjustified relative to market price. Sale and reporting mandated.
Permission accorded to sell the subject property (Maruthi Omni Car) via e-auction without obtaining a valuation report.
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1
IN THE HIGH COURT OF KARNATAKA, BENGALURU
DATED THIS THE 11TH DAY OF JANUARY, 2023
BEFORE
THE HON'BLE MR. JUSTICE KRISHNA S.DIXIT
CA NO.200 OF 2021 IN
COP NO.221 OF 2013
BETWEEN:
THE OFFICIAL LIQUIDATOR OF M/S JEWELS DE PARAGON PRIVATE LIMITED (IN LIQUIDATION) ATTACHED TO HON’BLE HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, 12TH FLOOR, RAHEJA TOWERS, M G ROAD, BENGALURU – 560 001.
...APPLICANT
(BY SMT.REVATHI ADINATH NARDE, ADVOCATE FOR OL)
AND:
… RESPONDENTS
(V.C.O DATED 11.01.2023; NOTICE TO R2 IS D/W)
2
THIS APPLICATION IS FILED UNDER SECTION 457(1) OF THE COMPANIES ACT, 1956 R/W RULE 272 TO 274 OF THE COMPANIES (COURT) RUELS, 1959 ,PRAYING TO PERMIT THE OFFICIAL LIQUIDATOR TO BRING FOR SALE BY E-AUCTION THE VEHICLE MARUTHI OMNI CAR, COLOUR (SUP-WHITE), BEARING REGISTRATION NO.KA-03-MC-9982 OF THE COMPANY IN LIQUIDATION AND ETC.,
THIS APPLICATION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:-
ORDER
The application in CA No.200/2011 seeking dispensation of Valuation Report is favored inasmuch as, the obtaining of Valuation Report would be very costly regard being had to the possible market price of the vehicle in question as on this day. To put it metomorphically, it will be a “game not worth the candle”.
Ordered accordingly. Subject application is allowed and permission is accorded to sell the subject property.
After the accomplishment of the sale, Report thereof to be filed in this Court.
Sd/JUDGE
Bsv
1 issue framed by the court
Whether the official liquidator requires a valuation report before selling the company vehicle via e-auction.
1 provisions across 1 enactments
THE OFFICIAL LIQUIDATOR OF M/S JEWELS DE PARAGON PRIVATE LIMITED (IN LIQUIDATION)
MR.K.V.KISHORE
MR.B.C. ADVEESHA
KRISHNA S.DIXIT
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court