Allowed

Official Liquidator of M/S Alpha Precision Components Pvt. Ltd(in Liqn) v. Karnataka State Financial Corporation

Karnataka HC28 Mar 2024CA/43/2024

Case brief

AI extract

What is this about?

Company application by the Official Liquidator of a company in liquidation seeking permission to appoint a panel valuer for land and buildings in Bengaluru South and to fund valuation charges from the Estate & Establishment Fund. The Court allowed the appointment with a six-week completion deadline.

What did the court decide?

Permission granted to Official Liquidator to appoint a valuer for the property and to pay valuation charges from the Estate & Establishment Fund.

Official Liquidator of M/S Alpha Precision… — Insolvency and Bankruptcy | Karnataka HC (2024)

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NC: 2024:KHC:13007 CA No. 43 of 2024

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 28^TH DAY OF MARCH, 2024

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BEFORE

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THE HON'BLE MR JUSTICE SURAJ GOVINDARAJ

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COMPANY APPLICATION NO. 43 OF 2024

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COMPANY PETITION NO. 44 OF 2001

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BETWEEN:

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OFFICIAL LIQUIDATOR OF M/S ALPHA PRECISION COMPONENTS PVT.LTD., (IN LIQN) ATTACHED TO HIGH COURT OF KARNATAKA, 'CORPORATE BHAVAN', NO.26-27, 12TH FLOOR, RAHEJA TOWERS, M.G. ROAD, BENGALURU - 560 001.

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…APPLICANT

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(BY SRI. K.S. MAHADEVAN, ADVOCATE)

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AND:

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Digitally signed by NARAYANAPPA LAKSHMAMMA Location: HIGH COURT OF KARNATAKA

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KARNATAKA STATE FINANCIAL CORPORATION, NO.1/1, KSFC BHAVANA, THIMMAIAH ROAD, NEAR CANTONMENT RAILWAY STATION, BENGALURU - 560 052.

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…RESPONDENT

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THIS COMPANY APPLICATION IS FILED UNDER RULE 272 TO 274 AND READ WITH RULE 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959 PRAYING TO A) TO PERMIT THE OFFICIAL LIQUIDATOR TO APPOINT PANEL VALUER TO VALUE THE LAND & BUILDINGS SITUATED AT SY NO.5/4, YELECHENA HALLI, UTTARAHALLI HOBLI, BENGALURU SOUTH.

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THIS APPLICATION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:

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NC: 2024:KHC:13007 CA No. 43 of 2024

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ORDER

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The applicant in C.A.No.43/2024 is before this Court seeking for the following reliefs:

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(a) To permit the Official Liquidator to appoint panel valuer to value the Land & Buildings situated at Sy No.5/4, Yelechena Halli, Uttarahalli Hobli, Bengaluru South.

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(b) To permit the Official Liquidator to incur expenditure towards said valuation charges and other incidental expenditure out of the funds of Estate & Establishment Fund Account maintained by Official Liquidator as no sufficient fund is available in the credit of the above company in liquidation.

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The above application has been filed by the Official Liquidator seeking for appointment of a valuer to value the properties of the company in liquidation so as to enable the same to be brought to sale. Accepting the reasons stated in the said application, I pass the following:

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:: ORDER ::

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i) C.A.No.43/2024 is allowed.

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ii) The Official Liquidator is permitted to appoint Sri. S.J.Ranganatha having his office at Abhivruddhi, #12-7, G.F., Nataraj Layout, 1st Cross, Kotthanur Dinne Main Road, J.P.Nagar, 8th Phase, Bengaluru - 560076 to value the property of the company in

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3 - NC: 2024:KHC:13007 CA No. 43 of 2024

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liquidation situated at Sy.No.5/4, Yelechena Halli, Uttarahalli Hobli, Bengaluru South Taluk.

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iii) The Official Liquidator to provide the copy of the title documents relating to the said property giving the details of the measurement thereof to the valuer.

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iv) Valuation to be completed within a period of six weeks and report to be submitted immediately thereafter.

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v) Re-list on 06.06.2024.

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Sd/JUDGE

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GJM

Official Liquidator of M/S Alpha Precision Components Pvt. Ltd(in Liqn) v. Karnataka State Financial Corporation

Case brief

What is this about?

What did the court decide?

Official Liquidator of M/S Alpha Precision Components Pvt. Ltd(in Liqn) v. Karnataka State Financial Corporation

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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