Allowed

M/s Bhairavnath Poultry Farms Pvt. Ltd., v. The Official Liquidator

Telangana HC22 Mar 2012COMPA/313/2012

Case brief

AI extract

What is this about?

The court allowed the company application to refund the earnest money deposit of Rs.12.70 lakhs to the applicant, noting that the demand drafts had not been encashed and direction for revaluation was already issued. The Official Liquidator is permitted to return the amount upon obtaining acknowledgment.

What did the court decide?

Permitted the Official Liquidator to refund Rs.12.70 lakhs to the applicant after obtaining due acknowledgment.

M/s Bhairavnath Poultry Farms Pvt. Ltd., Vs The… — Company and Corporate | Telangana HC (2012)

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THE HON’BLE SRI JUSTICE RAMESH RANGANATHAN COMPANY APPLICATION No.313 OF 2012 IN COMPANY PETITION No.175 & 92 of 1998

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ORDER:

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This application is filed by the applicant who had submitted an offer in the previous auction for Rs.1.27 crores, and had paid Rs.12.70 lakhs towards earnest money deposit (EMD). It is the petitioner’s case that though this Court, in Company Application No.1938 of 2011, had directed the Official Liquidator to get the property valued, and to file applications seeking permission to notify the properties for sale, only the EMD of the applicant in Company Application No.1938 of 2011 was directed to be refunded, and though the applicant herein had requested the Official Liquidator to return the EMD, the Official Liquidator had refused to do so on the ground that he was not entitled to refund the amount without the order of this Court.

¶4

In his report the Official Liquidator would state that he had returned the EMD in respect of the bid submitted by Sri Sainarayana Plastics Pvt. Ltd in accordance with the direction of this Court in C.A. No.1938 of 2011 dated 27.02.2012, and that he be permitted to return the EMD of Rs.12,70,000/- to the applicant on obtaining proper acknowledgment from them. It is not in dispute that the applicant herein had deposited Rs.12.70 lakhs towards EMD under the earlier notification, which this Court did not accept and had directed revaluation of the properties in question. As it is represented by the Official Liquidator that the demand drafts submitted by the applicant has not been encashed so far, I see no reason why the said EMD of Rs.12.70 lakhs should not be refunded to the applicant herein, more so

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as a similar request was accepted by this Court in C.A. No.1938 of 2011 on 05.01.2012. The Official Liquidator is permitted to return the EMD of Rs.12.70 lakhs to the applicant company after obtaining due and proper acknowledgment from them.

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The Company Application is disposed of accordingly.

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Date: 22.03.2012 ____________________________ RAMESH RANGANATHAN, J MRKR

M/s Bhairavnath Poultry Farms Pvt. Ltd., v. The Official Liquidator

Case brief

What is this about?

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M/s Bhairavnath Poultry Farms Pvt. Ltd., v. The Official Liquidator

Case brief

What is this about?

What did the court decide?

What the court decided

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