Research › Search › Judgment

Jharkhand High Court · body

2017 DIGILAW 1231 (JHR)

Mantri Impex Pvt. Ltd. v. Kaizen Auto Pvt. Ltd.

2017-07-21

APARESH KUMAR SINGH

body2017
JUDGMENT Aparesh Kumar Singh, J. – Heard learned counsel for the petitioner Company and the official liquidator. 2. The matter has been placed on the report of the Official Liquidator at Flag-22. The Company Kaizen Auto Pvt. Ltd. ( the company in liquidation) was ordered to be wound up by order dated 22.2.2008 in the instant petition filed by M/s Mantri Impex Pvt. Ltd.(Petitioning Creditor). The Official Liquidator was appointed to carry out the liquidation proceeding. He took over the possession of the assets and property of the Company in liquidation situate at A-25, Adityapur Industrial Area, Jamshedpur on 18/19.10.2008 and appointed a security agency namely M/s Puja Detectives & Security Services Pvt. Ltd. to protect the assets of the company(in liquidation) 3. Opposite party aggrieved by the order of liquidation went in appeal in L.P.A No. 121 of 2008 where the order of winding up was stayed on 6.1.2009. The order of stay was lifted on 17.8.2015 by the learned Division Bench. M/s Nag Consultants, a valuer had undertaken the inspection of the assets of the Company after its winding up and submitted its valuation report in January, 2009. After lifting of the stay, Official Liquidator prayed for appointment of Valuer for revaluation of the assets and publication of a sale-cum-invitation of claims notice in two newspaper (one Hindi and one English) for sale of the assets and property of the Company (in liquidation). 4. It is pointed out by learned counsel for the Official Liquidator that by order dated 10.2.2017, the Official Liquidator was directed to go for revaluation of the property of the Company in liquidation by M/s Nag Consultancy, Jamshedpur where after the sale-cum-invitation of claim notice would be published in 2 newspaper. Official Liquidator was permitted to pay the valuer fee and publication cost out of the Official Liquidator Establishment Account Fund. The matter was thereafter posted on 9.6.2017. However, in the meantime the Valuer submitted his report on 27.5.2017. Acting upon the valuation report the Official Liquidator proceeded to publish the sale notice in the Hindustan Times Newspaper in its English and Hindi edition on 18/6/2017. The date of submission of bids was notified as 20.7.2017 and the date of opening of the bids was notified as 28.7.2017. 5. Acting upon the valuation report the Official Liquidator proceeded to publish the sale notice in the Hindustan Times Newspaper in its English and Hindi edition on 18/6/2017. The date of submission of bids was notified as 20.7.2017 and the date of opening of the bids was notified as 28.7.2017. 5. Learned counsel for the Official Liquidator has however pointed out that this valuation report furnished by the Valuer, M/s Nag Consultancy on 27.5.2017 was inadvertently not placed before this Court earlier. However the consequential steps for publication of sale notice was undertaken on mistaken understanding of the import of the earlier order dated 10.2.2017. The draft of the sale notice was also not approved by this Court. As such by 20.7.2017 no bids have either been received. In the aforesaid circumstances, Official Liquidator has sought a direction for the recall of the sale notice. 6. Learned counsel for the petitioner Company(petitioning Creditor) also submits that they did not get a chance to go through the report and offer their comments. The assets of the Company in liquidation should fetch highest value. There is no objection to the prayer of the Official Liquidator for recall of the sale notice. 7. Considered the submission of the parties on the instant report. This Court is satisfied that the sale notice published on 18.6.2017 needs to be recalled for the following reasons:- (i) The valuation report of the Company in liquidation dated 27.5.2017 had not been placed before this Court nor approved; (ii) the sale-cum-invitation of claims notice was also not placed before this Court for its approval and final publication fixing the date for opening of bids; (iii) it further appears that no bids have either been received as yet. Therefore, Official Liquidator is permitted to issue a corrigendum recalling the sale notice dated 18.6.2017 to be published in the same newspapers in the next week before 28.7.2017. The valuation report has been placed on record now. Petitioner Company(petitioning creditor), other parties are at liberty to offer their comments. 8. Let the case appear on 11.8.2017 before which date,Official Liquidator should file its report on compliance. Let a copy of this order be handed over to learned counsel for the Official Liquidator.