ENERJON TECHNICS CO LTD Vs. MANAGER, IFCI LTD

JUDGEMENT

(1.) PRESENT OLR has been filed by the Official Liquidator of M/S. ENERJON TECHNICS CO. LTD. (in lqn) to consider the offer of one M/s New Arbuda Builders of Rs.6 crore for composite lot No.III i.e. all assets including land, building, plant and machineries and other movable and to confirm the sale as per the terms and conditions of the sale as petitioner the tender form.

(2.) THE Official Liquidator has submitted that vide order dated 18 -2 -2002 passed in Company Petition No.196 of 2001, this Court was pleased to appoint the Official Liquidator attached to this Court as provisional liquidator and direct the Official Liquidator to take over the assets of the company. Thereafter, by order dated 7 -7 -2005, this Court passed a final winding up order and the Official Liquidator was appointed as liquidator of the company and was allowed to constitute a Sale Committee and this Court directed to invite the claims from the workers as well as from the secured creditors. It is further submitted that by order dated 27 -9 -2006 passed in OLR No.105 of 2006, this Court directed the Official Liquidator to have fresh valuation of the land, building, plant and machineries, furniture and fixture etc, and place the same before this Court on or before 11 -10 -2006. It is submitted that apropos the order passed by this Court, the Official Liquidator appointed one Shri Vinod Trivedi, the Government Approved Valuer for preparation of inventory -cum -valuation report and provided inspection of the properties on 5 -10 -2006 to the Government Approved Valuer. It is submitted that by order dated 10 -11 -2006 passed in OLR No.127 of 2006, this Court directed the Official Liquidator to obtain the valuation report and final offer for sale of assets in question by publishing advertisement in local newspapers, for which the Official Liquidator was directed to file fresh report within a period of one week. It is submitted that thereafter the Official Liquidator convened the sale committee meeting and fixed up the schedule programme to be advertised for sale of assets on 7 -12 -2006 in local newspaper. It is submitted that as per the said scheduled programme fixed, a sale committee meeting was held on 21 -12 -2006 for opening the offers and auction. It is submitted that six tenders were sold and five tenders were received in sealed cover and the same were opened in presence of the sale committee members. It is submitted that one M/s Bhagya Shree Enterprise was the highest offerer who has offered to purchase lot No.III for a sale consideration of Rs.3.51 crores. It is submitted that after inter se bidding, one M/s New Arbuda Builders is the highest offerer who has offered to purchase lot No.III for a sale consideration of Rs.6 crores. It is submitted that as per the valuation report dated 11 -10 -2006, the fair market price of all the assets of the company is assessed by him at Rs.4,33,20,000/ -. It is therefore, submitted that when the offer is of Rs.6 crores of M/s New Arbuda Builders, the said can be said to be a fair market price and therefore, it is requested to consider the offer of M/s New Arbuda Builders of Rs.6 crores for lot No.III.

(3.) SHRI Baiju Bhagat, learned advocate appearing on behalf of the IDBI, one of the secured creditors has submitted that considering the offer of M/s New Arbuda Builders of Rs.6 crores for composite lot No.III and the value assessed by the Government Approved Valuer as Rs.4,33,20,000/ -, the respondent No.4 has no objection if the sale in favour of M/s New Arbuda Builders of Rs.6 crores for composite lot No.III is accepted and the sale is confirmed in its favour.