The Court allowed an application by the Official Liquidator for the sale of six flats belonging to M/S. Fidelity Finance Limited in provisional liquidation. A schedule of auction dates and fixed the upset prices for each lot.
Fixed auction schedule for six flats; approved newspaper publication, inspection, and tender dates; fixed upset prices for all six lots.
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Comp.A.No.87 of 2023
Comp.A.No.87 of 2023 in C.P.No.65 of 2002
KRISHNAN RAMASAMY, J.
This application has been filed by the Official Liquidator seeking for the
following reliefs:
(a) to take this report on record.
(b) to permit the Official Liquidator to consider the upset price subject to approval of this Court as stated in paragraph No.5 of the affidavit as per earlier order dated 16.09.2022 in C.A.No.308 of 2022.
(c) to approve the sale notice, tender form and terms and conditions for sale enclosed with this report as Annexure C.
(d) to permit the Official Liquidator to publish the sale notice in the newspapers (i) The New Indian Express in English – Southern Edition and (ii) Mathrubhumi – Malayalam Daily in Kerala Edition.
(e) to permit the Official Liquidator to issue terms and conditions to the intending purchasers at the rate of Rs.1,500/(Rupees One Thousand Five Hundred Only) non-refundable per form as per earlier order dated 16.09.2022 in C.A.No.308 of 2022.
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Comp.A.No.87 of 2023
(f) to permit the Official Liquidator/Kings Properties Limited to issue Sale Certificate in favour of the successful bidder on receipt of the entire sale consideration by the Official Liquidator.
(g) to permit the Official Liquidator to meet out all incidental expenses towards sale of assets of the company in provisional liquidation such as Advertisement, cost of the application, inspection charge etc., from the funds of the Company (in liquidation).
2.It was submitted by the learned Official Liquidator that this Court vide order dated 23.01.2003 in C.P.No.65 of 2002 appointed the learned Official Liquidator as the Provisional Liquidator of M/s.Fidelity Finance Limited (in liquidation), with directions to take charge of all the assets and effects of the company in liquidation. During the course of winding up process, the learned Official Liquidator has filed the present application for sale of six flats along with the valuation report and requested this Court to fix the schedule for sale of the properties.
3.Upon hearing and perusal of the report, this Court is inclined to fix the schedule for the sale of the properties.
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Comp.A.No.87 of 2023
(i) Name of the News Papers
(ii) Date of Publication of
Notice in Newspapers
:19.03.2023
(ii) Date of inspection of six flats :1st , 2nd , 8th &9th April,2023
(iii) Last date for purchase
of Tender Form
:14.04.2023
(iv) Last date for submission
of Tender Form
:17.04.2023
5.Further, this Court fix the upset price for the flats as mentioned
hereunder:
| Lot | Description of the Flats |
Location of the property/flats |
Flat area (in sq.ft) |
Undivide d Shares of Flats(in sq.ft.,) |
Upset price as per order dated 16.09.2022 |
|---|---|---|---|---|---|
| 1 | A1/3BHK | Atria Apartments, 1st Floor, |
1616 | 408.53 | Rs.70,00,000/- |
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Comp.A.No.87 of 2023
| Lot | Description of the Flats |
Location of the property/flats |
Flat area (in sq.ft) |
Undivide d Shares of Flats(in sq.ft.,) |
Upset price as per order dated 16.09.2022 |
|---|---|---|---|---|---|
| Perumanoor, Thevara, Cochin, Kerala |
|||||
| 2 | B1/2BHK | -do- | 1170 | 296.02 | Rs.51,00,000/- |
| 3 | C1/3BHK | -do- | 1447 | 366.00 | Rs.62,00,000/- |
| 4 | D1/3BHK | -do- | 1616 | 408.53 | Rs.70,00,000/- |
| 5 | E1/2BHK | -do- | 1170 | 296.02 | Rs.51,00,000/- |
| 6 | F1/2BHK | -do- | 1227 | 310.41 | Rs.53,00,000/- |
flats as per the directions issued by this Court. With regard to the tenders, the
other standard conditions are directed to be followed.
covers.
10.03.2023
rst
Note : Issue order copy on 10.03.2023.
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Comp.A.No.87 of 2023
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Comp.A.No.87 of 2023
KRISHNAN RAMASAMY, J.
rst
Comp.A.No.87 of 2023 in C.P.No.65 of 2002
10.03.2023
Page No.6/6
3 issues framed by the court
Whether to permit the Official Liquidator to sell six flats of M/S. Fidelity Finance Limited in provisional liquidation.
Whether to fix the schedule for newspaper publication, inspection, and tender submission dates for the sale.
Whether to approve the upset price and terms of sale for the six flats.
Official Liquidator
M/S. Fidelity Finance Limited
KRISHNAN RAMASAMY
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
