TCI DISTRIBUTION CENTRES LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) ALL these appeals challenge a common order of the learned single Judge of this Court dated 13.04.2009 made in C.A.No.1953 to 1956 of 2008 in C.A.No.1983 of 2007 in C.P.No.526 of 2000.

(2.) PENDING the winding up proceedings in the matter of M/s. Fidelity Industries Limited (in liquidation) in C.P.No.526 of 2000, the Official Liquidator, High Court Madras, made C.A.No.1983 of 2007 for the following reliefs:(a) To open the valuation report and fix the reserve price for the vacant land at Sriperumpudur and to permit the Official Liquidator to sell the property through this Honourable Court(b) to permit the Official Liquidator to sell the property at Gandhi Nagar, Adyar by taking the earlier reserve price already fixed by this Honourable Court as the present upset price for sale of the same(c) to permit the Official Liquidator to invite sealed tenders through advertisement in the newspapers specified in para 9 of this report, and to pay the expenses of the advertisement from & out of the funds to the credit of the company in liquidation(d) to approve the Draft Sale Notice, Tender Form and terms and conditions marked as 'Annexure-A' to this report(e) to direct that the expenses incurred for the sale will come out of the assets of the company in liquidation(f) to direct that the cost of this application do come out of the funds of the company in liquidation".

(3.) THE learned single Judge, on scrutiny of the materials available, took a view that all those applications were misconceived and there was absolutely no ground to interfere with the sale, which was confirmed by the Court, and hence, made an order of dismissal of all those applications. Hence all these appeals at the instance of the applicant.