2016 (11) TMI 26

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....in terms of the order dated 11.04.2016. In short, the respondent-company was wound up vide order passed in CP No. 42 of 1999 and the Official Liquidator was directed to take over the assets of the company. After inspection of the record, it was found that there were two secured creditors of the company in liquidation namely, Punjab and Sind Bank, Assets Recovery Branch and The Pradeshiya Industrial and Investment Corporation of Uttar Pradesh Limited (PICUP). The company in liquidation had two units. The official liquidator took the possession of factory unit situated at Rajkot (Gujarat) and also the factory unit at Noida (UP) from PICUP. The Noida unit was hypothecated to the PICUP and the unit at Gujarat was hypothecated with the Punjab a....

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....n 14.07.2016 the offers(in sealed cover) were opened in the presence of the representative of the Secured Creditor and prospective buyers. After discussion with the representative of Secured Creditor and the Auction Purchasers who have submitted their offers, inter-se bidding was conducted in the presence of the persons present and on inter-se bidding the highest offer of Rs. 66.51 lacs has been made by Sh.Virti R. Shah. The valuation report dated 24.04.2015 by M/s R.K. Singhal & Co. Pvt. Limited, New Delhi on the penal of Official Liquidator was placed in the meeting for consideration of the secured creditor. As per the Hon'ble Court orders Reserve Price was fixed to the tune of Rs. 64,79,298/- i.e distress value of the property. The r....

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.... publication of sale notice incurred by the ex-management/secured creditor on publication of sale notice in priority to other debts in terms of Rule 272 of the Companies (Court) Rules, 1959." During the course of hearing, Mr. Anand Chhibber, learned senior counsel appearing on behalf of Ex-Managing Director of the company (in liqn.) has filed in Court today an affidavit of C.M.Jain, Ex-Managing Director dated 12.09.2016 in which he has averred that the Ex-Management has already paid the dues of the secured creditors and has, thus, stepped into the shoes of the secured creditors. It is also averred that the said deponent is now the sole secured creditor of the respondentcompany and therefore, it has no objection if the sale in favour of the....