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Judgment
A.S. Supehia, J
Heard learned advocate Mr.Shivang Thacker, for the applicant, learned advocate Mr.Harsh N. Parekh, appearing for the respondent No.4 and learned advocate Ms.Megha Jani, appearing for the respondent No.1.
The Official Liquidator has filed the present report with the following prayers:-
“a) This Hon'ble Court may be pleased to take on record aforesaid facts, as stated herein above.
b) This Hon’ble Court may be pleased to consider the highest bid received from M/s.Shri Laxmi Chemicals for Rs.2,50,55,000/- as per e-auction concluded by M/s.RailTel Corporation of India Ltd., New Delhi, as per terms and conditions of sale / tender documents and/or such other and further terms and conditions as may be considered appropriate by this Hon'ble Court in the matter.
c) This Hon'ble Court may be pleased to direct successful bidder to pay cost of Rs. 30,000/- to e-auction agency if sale is confirmed in their favour, otherwise Official Liquidator may direct to pay an amount of Rs. 10,000/- to e-auction agency if auction
may fails and sale is not confirmed in favour of successful bidder.
d) This Hon'ble Court may be pleased to permit the Official Liquidator to retain the EMD of 2nd Highest Bidder and also permit to refund the EMD to other unsuccessful bidders as per the terms and conditions of sale.
e) Such other and further orders and directions as may be considered just and appropriate may also be passed.
The Official Liquidator had filed Official Liquidator's Report No. 47 of 2022 with various prayers and after considering the same, vide order dated 09-09-2022, they came to be granted whereby the Official Liquidator pointed out that pursuant to the order dated 09-09-2022 upset price of the property being Lease hold land (Non-agricultural Industrial Use land) ad-measuring 2898 Square meters (approximately) situated at Plot No. 3406, GIDC Estate, Phase-lV, Village Chhatral, Taluka : Kalol, District Gandhinagar alongwith Civil Structure was fixed at Rs. 2,42,55,000/- with Earnest Money Deposit (EMD) of Rs. 24,25,500/- (10% of the upset price). The Official Liquidator was permitted to issue advertisement in the newspapers namely Gujarat Samachar (Gujarati Daily) and Times of India (English Daily) both in all Gujarat Editions for sale of the aforesaid property of the Company in liquidation.
The Official Liquidator was further permitted to hold e-auction through https://olauction.enivida.com of M/s. RailTel Corporation of India Ltd. on the terms and conditions of sale as approved by the sale committee. The sale scheduled was also prescribed in the order dated 09-09-2022. The Liquidator was directed to make appropriate report before this Court for further orders.
Accordingly, after complying with the above said order, this present report being Official Liquidator's Report No. 79 of 2022 has filed in which it has pointed out that the advertisement was published on 19-9-2022 in the newspapers namely Gujarat Samachar (Gujarati Daily) and Times of India (English Daily) both in all Gujarat Editions for inviting offers from intending buyers for assets and properties i.e. Leasehold Land (Non-agricultural Industrial use land) ad-measuring 2898 Square meters _ (approximately) situated at Plot No. 3406, GIDC Estate, Phase-IV, Village : Chhatral, Taluka : Kalol, District : Gandhinagar alongwith Civil Structure thereon, of the Company in liquidation.
It was also pointed out that Three (3) Tenders Forms were sold and Three (3) bidders under the e-auction finally submitted their bids. The e-auction was conducted on 07.10.2022 at 3:00 PM through website of https://olauction.enivida.com of M/s. RailTel Corporation of India Ltd. The said facts are disclosed in the auction report submitted to this Court alongwith this report. As per auction report Three (3) bidders participated in auction. The Bid Summary are as under :
S.No.
Bidder Name
Bid Value (Rs.)
Rank
1
Shri Laxmi Chemicals
2,50,55,000
H1
2
Akshat Chem Industries
2,48,55,000
H2
3
Dhruv Remedies Pvt ltd.,
2,44,55,000
H3
The Highest bid was finally given by Shri Laxmi Chemicals being Rs. 2,50,55,000/- against the upset price of Rs. 2,42,55,000/-.
Learned counsel for representing the secured creditor submitted that the bid price of Rs. 2,50,55,000/- is a fair, reasonable and it should to be accepted.
Accordingly, the highest bid of Rs.2,50,55,000/- given by Shri Laxmi Chemicals for sale of aforesaid assets and properties is accepted and approved. The highest bidder shall comply with the terms and conditions of sale and bid documents and other relevant formalities.
The Highest bidder namely Shri Laxmi Chemicals is directed to deposit of Rs.30,000/- towards cost of e-auction agency, over and above sale consideration amount.
Needless to say that the EMD i.e. Earnest Money Deposit to the unsuccessful bidder shall be refunded by the Official Liquidator through RTGS/NEFT mode after deposition of 25% of sale confirmation amount by the highest bidder.
The report is allowed and accordingly disposed of.