Disposed

M/s. Vijetha Agro Forms (I) Ltd., (In Liqn) v. -

Telangana HC2 Dec 2014COMPA/1306/2014

Case brief

AI extract

What is this about?

The Court accepted the Official Liquidator's application for appointment of a Registered Chartered Valuer to revalue company property since no bids were received in the previous auction. The Court appointed Sri Pradeep Kaparthi, fixed the fee at Rs. 25,000, and permitted the Official Liquidator to pay from funds and apply for sale permission.

What did the court decide?

Appointment of Sri Pradeep Kaparthi as valuer, fee fixed at Rs. 25,000, permitted to pay from Estate Fund and file report.

M/s. Vijetha Agro Forms (I) Ltd., (In Liqn) Vs - — Company and Corporate | Telangana HC (2014)

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HON’BLE SRI JUSTICE A. RAJASHEKER REDDY COMPANY APPLICATION NO.1306 of 2014 IN

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COMPANY PETITION No.128 OF 2005

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ORDER:

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This company application is filed seeking

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(i) appointment of a Registered Chartered valuer for valuation of property bearing D.No.12-25-12, Sivalayam Street, Kothapet, Guntur from the panel maintained by offices of the Official Liquidator or such other valuer as this Court may deem fit and proper and direct them to submit their report to the Official Liquidator.

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(ii) fixing of the tentative fee of the valuer is of Rs.25,000/- for valuation of the property of the company (In Liqn.).

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(iii) to permit the Official Liquidator to pay the valuer fee so fixed by this Court from the funds of Estate & Establishment Fund Account and recoup the same on receipt of sale consideration.

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(iv) to permit the Official Liquidator to peruse the valuation report and file necessary report/application for consideration and permission to sell the assets of the property.

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In the affidavit filed in support of this application, it is stated that this Court by order dated 04.12.2006 in C.P.No.128/2005 ordered for winding up of M/S.Vijetha Agro Forms (I) Ltd., and appointed a Liquidator.

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It is submitted that the land admeasuring 813 Sq.yards together with complex constructed thereon situated at D.No.12-25-12, Sivalayam Street, Kothapet, Guntur, of the company (in Liquidation) have been taken possession by the Official Liquidator along with the other properties of the company (In Liquidation). Subsequently with the permission this Court vide order dated 10.06.2008, the Official Liquidator has got the properties valued through Sri K.Srinivasa Rao, Registered Valuer and the same was put for sale as directed by this Court vide orders dated 02.12.2008 in

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C.A.No.1555/2008 by fixing the Minimum Upset Price of Rs.5.86 crores. But no bids were received to purchase the above said property and the same was placed before this Court vide report dated 30.12.2008 in C.A.No.1555/2008.

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It is also submitted that when the said property was put to auction, C.A.No.1607/2007 has been filed by Sri Nasayam Mohammed Feroz, Sri Pasapoina Nageswara Rao and Sri Arimandla Veera Reddy claiming to be the owners of the said property. However, this Court had dismissed the said application vide orders dated 13.06.2009.

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Since no one showed interest to purchase the above said land, it is proposed to bring the property for reauction after getting the same revalued by a Registered Chartered Valuer and for this reason the present application is filed seeking appointment of Registered Chartered Valuer from the list of valuers enclosed herewith and direct them to submit their report to the Official Liquidator and fix the tentative fee of the value at Rs.25,000/-.

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Heard the learned counsel for the Official Liquidator.

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In view of the above facts and circumstances, Sri Pradeep Kaparthi, is appointed as Registered Chartered Valuer for valuation of property bearing D.No.12-25-12, Sivalayam Street, Kothapet, Guntur, fixing his fee at Rs.25,000/- tentatively and the Official Liquidator is permitted to pay the said fees from out of the funds of Estate and Establishment Fund Account.

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Accordingly, this application is disposed of.

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A. RAJASHEKER REDDY, J

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Date: 02.12.2014 dv

M/s. Vijetha Agro Forms (I) Ltd., (In Liqn) v. -

Case brief

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M/s. Vijetha Agro Forms (I) Ltd., (In Liqn) v. -

Case brief

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