ORDER : R.M CHHAYA, J. 1. The applicant herein has prayed for the following reliefs:— “(A) Your Lordships may be pleased to allow this application and further be pleased to allow the applicant corporation to sell the assets of the Company in liquidation namely M/s. Ashutosh Tax O Pack Pvt. Ltd. situated at 901, GIDC, Halol, District Panchmahals having lease hold bearing 5325.03 square meters along with construction and machinery by public auction in the presence and active participation of Official Liquidator.” 2. In response to the notice issued by this Court, the Official Liquidator has filed his report. 3. Record indicates that the Company named M/s. Ashutosh Tax O Pack Pvt. was ordered to be wound up vide order dated 16.04.1996 passed in BIFR reference. Record further indicates that, the applicant sanctioned loan of Rs. 30 lacs in favour of the Company (in liquidation) and as on 16.04.1996, amount of Rs. 85,38,664/- was due and payable according to the applicant, which mounted to Rs. 35,01,98,041/- as averred by the applicant. 4. Record further indicates that the reference was filed under the provisions of the BIFR and ultimately, vide order dated 07.03.1995, the Company (in liquidation) was ordered to be wound up by order of this Court. Various applications were filed by the applicant as well as the Official Liquidator and the orders were passed for disposal of the properties in question. The Official Liquidator in his report has further submitted that vide order dated 27.04.2017 passed by this Court in Company Application No. 37/2016 passed in Company Application No. 146/1994 permitted the Official Liquidator to open the report and place along with the report of the Official Liquidator. It is the case of the Official Liquidator that sealed cover of valuation report was open and observations of valuation report were considered and as per the said report of Government approved valuer Shri Induprasa C. Patel and M/s. Multi Engineers, which was taken into consideration as per the order passed by this Court dated 09.08.2016 in Company Application No. 37/2016. The Official Liquidator has further contended that as per the said valuation report, the valuation is determined as under:— Lot No. Description Upset Price Earnest Money (Rs.) I Leasehold Land situated at Survey No. 5070, Plot No. 901, GIDC, Industrial Estate, Village Kanjari, Taluka Halol, District Panchmahal, Gujarat admeasuring 5325.03 sq. The Official Liquidator has further contended that as per the said valuation report, the valuation is determined as under:— Lot No. Description Upset Price Earnest Money (Rs.) I Leasehold Land situated at Survey No. 5070, Plot No. 901, GIDC, Industrial Estate, Village Kanjari, Taluka Halol, District Panchmahal, Gujarat admeasuring 5325.03 sq. mtrs along with building structure 3,80,71,000/- 38,07,100/- II Plant and Machineries 7,60,000/- 76,000/- Composite i.e Lot No. I + II 3,88,31,000/- 38,83,100/ 5. The Official Liquidator has also further averred that the advertisement be given in the newspapers “Gujarat Samachar”, Gujarati daily and “Times of India”, English daily, both Vadodara editions. It is matter of record that, even earlier advertisement was permitted to be given by GIDC as per the order dated 29.06.2015 passed by this Court (Coram: Hon'ble Mr. Justice Vipul M. Pancholi) in Company application No. 328/2014. 6. Considering the valuation report dated 15.04.2017 prepared by Mr. Induprasad C. Patel, Government approved valuer and the valuation report of plant and machinery prepared by Government approved valuer M/s. Multi Engineers (annexure-A), upset price as suggested by the Official Liquidator in report dated 03.08.2017 is found to be proper. Hence, present application deserves to be accepted and is accepted in part. The applicant is permitted to issue advertisement in “Gujarat Samachar”, Gujarati daily and “Times of India”, English daily, Mumbai edition within a period of 15 days and shall follow the following schedule for sale proceeds of the properties of the Company (in liquidation):— Sr. No. Particulars Dates 1 Date of issue of Advertisement 21.09.2017 2 Issue of Tender Forms 26.09.2017 3 Date of inspection of property 29.09.2017 between 11:30 am to 4:30 pm. 4 Last date of receipt of offer in the office of Official Liquidator 07.10.2017 upto 4:00 pm 5 Opening of offer and auction/inter-se bidding in the Hon'ble High Court of Gujarat, Sola Road, Ahmedabad. 13.11.2017 at 11:00 onwards 7. The applicant shall mention in the advertisement that the upset price fixed for the properties of the company in liquidation is Rs. 4 crores and 10% of the same shall be kept as EMD i.e Rs. 40 lacs for the proposed buyers. The applicant shall also mention in the advertisement that the bidding process shall be subject to the confirmation by this Court. 4 crores and 10% of the same shall be kept as EMD i.e Rs. 40 lacs for the proposed buyers. The applicant shall also mention in the advertisement that the bidding process shall be subject to the confirmation by this Court. The applicant shall also state that the bidders shall give their offer in sealed cover and the said sealed covers shall be placed before this Court. 8. The applicant shall complete the entire procedure including permitting the bidders to inspect the properties of the Company in liquidation which are put for auction, collecting the prescribed tender forms from the office of the applicant, submitting the forms etc. within a period of two months from the date of publication of the advertisement. 9. That the bidders shall remain present in the Court for inter-se bidding as and when the matter is placed before this Court. 10. The aforesaid exercise shall be carried out in consultation with the Official Liquidator. 11. With these observations and directions, this application is disposed of.