High Court permits disposal of company properties in liquidation to top bidder Recycling Solutions Pvt. Ltd. The High Court allowed the Official Liquidator to proceed with the disposal of immovable properties of a company in liquidation. After conducting ...
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High Court permits disposal of company properties in liquidation to top bidder Recycling Solutions Pvt. Ltd.
The High Court allowed the Official Liquidator to proceed with the disposal of immovable properties of a company in liquidation. After conducting auctions, Recycling Solutions Pvt. Ltd. emerged as the highest bidder at Rs. 8.37 Crores for Lot No. I. The bid was deemed adequate and proper by the Official Liquidator and legal counsel, leading to its acceptance. Upon depositing the remaining amount, Recycling Solutions Pvt. Ltd. will receive possession of the property and execute a sale deed. Other bidders' EMD amounts will be returned, and late fees were imposed on a late bidder.
Issues: - Disposal of immovable properties of a company in liquidation - Auction process and highest bid determination - Confirmation of sale and possession of the property
Disposal of Immovable Properties: The High Court permitted the Official Liquidator to carry out formalities for the disposal of immovable properties of the company in liquidation. The fair market value of the land, building, plant, and machinery was determined by the Sale Committee and fixed accordingly. An advertisement for the sale of the properties was published in newspapers as per the court's order, ensuring extensive publicity throughout the State of Gujarat.
Auction Process and Highest Bid Determination: After receiving bids from various bidders, including a late bid submission in open court, a total of 15 rounds of auction were conducted. The bid from Recycling Solutions Pvt. Ltd. at Rs. 8.37 Crores emerged as the highest after the completion of the auction rounds. The Official Liquidator and the legal counsel confirmed the adequacy and propriety of the highest bid, leading to the acceptance of the bid for the immovable property listed as Lot No. I.
Confirmation of Sale and Possession: Following the acceptance of the highest bid, Recycling Solutions Pvt. Ltd. was directed to deposit the remaining amount within the specified time frame. Once the total sale consideration is received, the Official Liquidator will provide physical possession of the property and execute a sale deed in favor of the successful bidder. The EMD amounts of other bidders will be returned, and late fees charges were imposed on a late bidder for bid submission.
The report was disposed of with the mentioned directions, and a separate report was required for a specific prayer.
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