Disposed

M/s.Raksha Plantations Pvt. Ltd, (In Liqn.) v. -

Telangana HC2 Dec 2014COMPA/1383/2014

Case brief

AI extract

What is this about?

In an application by the Official Liquidator of Raksha Plantations Pvt. Ltd., the court appointed Sri D.S.K. Avadhani as a Registered Chartered Valuer to revalue unsold land and structures prior to their re-auction, fixing his fee at Rs.20,000/- payable from estate funds.

What did the court decide?

Appointment of Sri D.S.K. Avadhani as Registered Chartered Valuer to revalue the property for re-auction with fee fixed at Rs.20,000/- payable from estate funds.

M/s.Raksha Plantations Pvt. Ltd, (In Liqn.) Vs - — Company and Corporate | Telangana HC (2014)

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HON’BLE SRI JUSTICE A. RAJASHEKER REDDY COMPANY APPLICATION NO.1383 of 2014 IN

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COMPANY PETITION No.97 OF 2006

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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 the company’s land admeasuring Ac.12.32 guntas along with structures thereon situated at Sy.Nos.81, 82 & 84/2 at Akkannapally Village, Maheshwaram Mandal, Ranga Reddy District from the panel maintained by office of the Official Liquidator or such 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.20,000/- 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 05.01.2007 in C.P.No.97/2006 ordered for winding up of M/S.Raksha Plantations Pvt. Ltd., and appointed a Liquidator.

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It is submitted that the land admeasuring Ac.12.32 guntas along with structures thereon situated at Sy.Nos.81, 82 & 84/2 at Akkannapally Village, Maheshwaram Mandal, Ranga Reddy District and Office furniture situated at No.3-3-13/4, 1^st Floor, Kurma Basthi, R.P.Road, Secunderabad of the company (in Liquidation) have been taken possession by the

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Official Liquidator and got valued the same. Further with the permission this Court vide order dated 10.08.2009 in C.A.No.769/2009, the Official Liquidator has caused publication for sale of the assets of company (In Liquidation) under Two Lots on 13.09.2009 and 14.09.2009 fixing the date of auction as 07.10.2009.

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It is also submitted that this Court vide order dated 15.10.2009 in C.A.No.769/2009 confirmed the sale of office furniture (Lot No.2) and as regards land and structures under Lot No.1 is concerned, no tenders were received by the Official Liquidator.

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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 hence 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.20,000/-.

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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 D.S.K.Avadhani, is appointed as Registered Chartered Valuer for valuation of property admeasuring Ac.12.32 guntas along with structures thereon situated at Sy.Nos.81, 82 & 84/2 at Akkannapally Village, Maheshwaram Mandal, Ranga Reddy District fixing his fee at Rs.20,000/- 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.Raksha Plantations Pvt. Ltd, (In Liqn.) v. -

Case brief

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M/s.Raksha Plantations Pvt. Ltd, (In Liqn.) v. -

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