TaxTMI 
TaxTMI 
2013 (10) TMI 672
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.... only from the record of ROC, however complete details of the entire assets and properties do not appear to have come in the hands / knowledge of the OL and the exact details about the title - ownership as well as possession and actual status of the properties in question has not been physically ascertained by the OL until now. On perusal of the details mentioned in the statement as well as on examination of the valuation report submitted by Mr. Parikh, the valuer, it is noticed that in respect of most of the properties, particularly the land and in cases of the constructed premises as well, the report does not contain details regarding exact measurement of the lands / plots in question and / or constructed premises (be it building or fact....
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....broad parameter / guidelines giving at least bear minimum requirements need to be given to OL who should ensure that at least such bear minimum requirements observed and complied while taking possession, inviting bids for sale and inviting claims and they should be placed on record before the Court with reference to the properties in question i.e. properties which are claimed to be of the company in liquidation and at the time of awarding task of valuation to any valuer, specific instructions to provide at least those details may be issued by the OL. Hence, below mentioned directions are passed:- (1) In the first instance the OL shall collect the details of all the properties of the company in liquidation from the record of the Registrar o....
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....ly examine the title and ownership and also mention description / status of the property in question e.g. whether it is encumbered or whether there are encroachment or whether it is completely vacant or not or whether there is any attachment Notice and such other aspects. The details regarding property in the municipal / revenue record should be examined by the valuer and while suggesting the valuation, the valuer also should take into account jantri value as well as the sale instances for at least 5 year and those details must be reflected in the report. (8) Detailed and exact inventory of the properties / assets (movable / immovable) and the record which are taken in possession and which are found to be in the premises of the company, sh....
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....all assets and details of all orders and interim / ad-hoc disbursements; (2) Date on which OL took possession of the properties, the Minutes and the panchnama of the possession, type written copy of the Minutes (as most minutes are illegible) and the inventory and list of all items, record and assets / property taken in possession and also those of which possession is not taken and reasons for not taking the possession. (3) The documents on the basis of which list of assets and properties of the company were prepared, List of Ex-directors of the company; (4) List of secured creditors of the company; (5) List of workers of the company and unions of workers and the last pay register / attendance register; (6) Report of physical verificat....
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....sale certain properties which are presently in the hands of the OL, however in present case also the details regarding the measurement or clarity regarding the title - ownership and as to whether there is any encroachment are not available. The aforesaid aspects have been pointed out by Ms. Yajnik, learned advocate for OL. She has submitted that though OL has urgency to dispose of the properties in question and the possession has been taken since quite long time and there are no fund available in the account the company, however if the OL provides the task of issuing advertisement then in absence of these details the exercise may not yield any result. Under the circumstances, following directions are issued:- (A) The OL shall get the measu....