TaxTMI 
TaxTMI 
2008 (8) TMI 570
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....om-pany") for recovery of their dues in their capacity as Debenture Trustees. In the said Suit, Notice of Motion No. 364 of 2003 was taken out for interim reliefs including for appointment of a Court Receiver. The Court vide its order dated 13-8-2004 allowed the Notice of Motion and appointed the Court Receiver with certain directions. In furtherance to the orders of the Court, the Court Receiver took possession of the property on 2-3-2005. After some time, proceedings against the Company were taken out and it was ordered to be wound up by the Gujarat High Court vide its order dated 3-8-2005. There were complaints of pilferage of the movable properties of the Company and the Court Receiver of this Court held a meeting at the site on 27-4-20....
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....inventory of movables and machinery be carried out and comply the order dated 20-11-2007. (c)In the event of any theft and/or missing items are found at the time of verification of the movables machineries the Court Receiver and/or aggrieved parties be permitted to invoke Indemnity furnished by M/s. Check Mate Services Ltd., the Security Agency deployed by Plaintiffs to safeguard the factory premises. (d)Any other directions that this Hon'ble Court may deem fit in the matter. (e)Cost of this application and the order to be made thereon be fixed at Rs. 1,000. 2. The Appellant also filed his reply affidavit on 27-5-2008. When the Report and the affidavit came up for hearing, the Court passed the order dated 19-6-2008 primarily dea....
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....ut to sale as yet despite various directions of the Court and now the allegations after allegations are being made that the movable property of the Company is missing and/or there has been a theft. It is not in dispute before us that at one point of time a complete inventory was prepared with the help of the Valuer. Whatever are the circumstances, it is in nobody's interest that the property of the Company should not be protected. We are of the considered view that the Appellant has no substantive right in any of the proceedings and as such cannot delay the proceedings any further. If the property and the plaint and machinery is not sold at the earliest, it will jeopardise the interest not only of the Bank but even of the Company as they wo....
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....nding offerers to submit their offer along with Demand Draft/Pay Order/or Banker's cheque in the sum of Rs. 5 crores in favour of Court Receiver, High Court, Bombay payable at Mumbai and should reach the office of the Court Receiver on or before 4.00 p.m. by 16-9-2008. 17-9-2008 at 12.00 noon. The Auction Sale will be held in the office of the Court Receiver, High Court, Mumbai 5. The terms and conditions of sale have been submitted by the Court Receiver along with the draft of public notice. In our opinion, the same is in order. There is no objection raised by the learned Counsel appearing for the Official Liquidator, Gujarat High Court and as far as the Appellant is concerned, he hardly has any locus in this regard and ....