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High CourtsSingle Bench(2021) 12 GUJ CK 0011

OL Of M/S Gujarat Telephone Cables Ltd. (In Liqn) vs Rachana B. Sharma

Gujarat High Court · Decided on 1 December 2021

HON’BLE JUDGES
Bhargav D. Karia, J
RESULT
Disposed Of
CASE NUMBER
R/Official Liqudator Report No. 49, 105 Of 2021
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Judgment

10 paragraphs · 350 words

Bhargav D. Karia, J

Heard learned advocate Mr.Pathik M. Acharya for the applicant and learned advocate Mr.Pratik P. Thakkar for the respondent No.1.

1.

By this Official Liquidator Report, the Official Liquidator has prayed for the following reliefs :

"(A) This Hon'ble Court may be pleased to consider the offer of Rachana Brahmanand Sharma for Rs. 55,50,000/-received through E-auction for office premises of the company in liquidation alongwith movables (except records) lying thereon situated at 507-508, 5™ Floor, Harekrishna Complex, Pritamnagar, Ashram Road, Ahmedabad in terms of order dated 17.02.2021 passed by this Hon'ble Court in OLR No. 49 of 2021.

(B) Such other and further orders and directions as may be considered just and appropriate may also be passed."

2.

Learned advocate Mr.Acharya appearing for the Official Liquidator submitted that only single bid is received pursuant to the E-auction conducted on 22nd March, 2021 on the basis of the valuation report of the registered valuer dated 5th August, 2020. It was submitted by learned advocate Mr.Acharya that as the valuation report was received during Covid-19 pandemic period, Official Liquidator may be permitted to obtain a fresh valuation report as more than six months have passed and coupled with the fact that only one bid has been received from Rachana Brahmanand Sharma for Rs.55,50,000/-.

3.

Considering the above submissions, the Official Liquidator is permitted to obtain a fresh valuation report from the registered valuer for the property of the company in liquidator to

be sold. Such exercise shall be completed within a period of four weeks from today and report obtained by the Official Liquidator be placed before this Court for further orders.

4.

In view of the above, there is no need to confirm the sale as fresh auction shall be held for sale of the property of the Company in liquidation and the only bidder M/s. Rachana Brahmanand Sharma is also permitted to participate in such auction. Official Liquidator is also directed to return the EMD deposited by M/s.Rachana Brahmanand Sharma within a period of one week from today.

5.

The Official Liquidator Report is accordingly disposed of.