JUDGMENT C L SONI, J. 1. Present report is filed with following prayers made in para 6 thereof:- (a) This Hon'ble High Court may be pleased to approve the Upset Price and EMD for sale of the assets and properties of the Company in liquidation as stated in para-4 (Table-"A") of this report or such other upset price, EMD, as may be considered appropriate by this Hon'ble Court. (b) This Hon'ble High Court may be pleased to permit the Official Liquidator to issue advertisement in newspapers namely "Dainik Bhaskar" Hindi daily in all Madhya Pradesh Editions and "Times of India" all Madhya Pradesh Editions for inviting offers for sale of the assets of the company in liquidation or in such other newspapers as maybe considered appropriate by this Hon'ble Court and also permit the Official Liquidator to make the payment of advertising agency on receipt of the bill from the common pool fund of various company in liquidation as maintained by the Official Liquidator subject to adjustment against the sale consideration to be received in Company account. (c) This Hon'ble High Court may be pleased to approve the sale schedule for the assets and properties of both unit of the Company in liquidation as stated in para-4 of this report or such other schedule, as maybe considered appropriate by this Hon'ble Court. (d) This Hon'ble High Court may kindly permit the Official Liquidator to conduct e-auction through e-auction agency M/s. E-procurement Technologies Ltd. and may kindly approved Terms and Conditions dated 19.01.2018 of the said agency for sale of the assets of the Company on date as maybe fixed and subject to confirmation by this Hon'ble Court. (e) This Hon'ble High Court may further permit the Official Liquidator to file further report for confirmation of sale upon completion of bidding process and after receipt of report from the e-auction agency or as may be directed in this regard by the Hon'ble High Court of Gujarat. (f) This Hon'ble High Court may be pleased to pass such further and other orders and directions as maybe considered just and appropriate in facts and circumstances of the case. 2. (f) This Hon'ble High Court may be pleased to pass such further and other orders and directions as maybe considered just and appropriate in facts and circumstances of the case. 2. As stated in the report, after this Court made order dated 27.2.2018 in Company Application No.212 of 2015 to carry out the valuation through Government approved valuer, valuation of the assets and properties of the company in liquidation situated at Ratlam (Madhya Pradesh) was carried out by Gujarat Industrial and Technical Consultancy Organization Ltd. (GITCO)- the Government Approved Valuer and the valuation report was placed before the sale committee by the Official Liquidator and the sale committee after considering the valuation report has recommended fixation of the upset price and EMD for the assets and properties of the company as under:- Lot No. Description of the property Up set price (In Rs.) Earnest Money Deposit (In Rs.) I Plant & Machineries and other movables along with Building/ Civil Structures (except Records) situated at Plot No.70, 71, 72, 73, 73B, Sector-A, Opp. Srajan Institute of Technology, Nr. RTO, Ratlam Industrial Estate, Ratlam-Jaora Road, Mouje: Dosigao, Taluka: Ratlam, Dist. Ratlam (M.P.) 4,12,10,000 41,21,000 II 68,799 (approximately) Square Meters Lease Hold Land (except Records) situated at Plot No.70, 71, 72, 73, 73B, Sector-A, Opp. Srajan Institute of Technology, Nr. RTO, Ratlam Industrial Estate, RatlamJaora Road, Mouje: Dosigao, Taluka: Ratlam, Dist. Ratlam (M.P.) 25,46,00,000 2,54,60,000 III Composite Offer: i.e. Lot No. I & II) (except Records) 29,58,10,000 2,95,81,000 3. With the report, the valuation report from GITCO is placed on record, wherein the valuation for three lots of the properties of the company is stated as under:- Sr. No. Name of Assets Estimated Average Fair Market Value (In Rs. Realizable Value (In Rs.) Distress Sale Value (In Rs.) 1. Land 25,46,00,000 22,90,00,000 18,00,00,000 2. Civil Construction 2,95,85,000 2,65,00,000 2,10,00,000 3. Plant & Machineries and other movables 1,16,25,000 1,05,00,000 90,00,000 Total 29,58,10,000 26,60,00,000 21,00,00,000 4. As stated in the report, Lot Nos. II and III are combined and considered as Lot No.I by the sale committee in its meeting held on 5.5.2018 for the purpose of fixation of upset price and EMD for sale thereof. 5. Learned advocate Mr. Plant & Machineries and other movables 1,16,25,000 1,05,00,000 90,00,000 Total 29,58,10,000 26,60,00,000 21,00,00,000 4. As stated in the report, Lot Nos. II and III are combined and considered as Lot No.I by the sale committee in its meeting held on 5.5.2018 for the purpose of fixation of upset price and EMD for sale thereof. 5. Learned advocate Mr. Hemant Shah, who appears for the respondent, states that the respondent has no objection if the Official Liquidator is permitted to carry out the sale of the properties of the company in liquidation as recommended by the sale committee. 6. Learned advocate Ms. Brahmbhatt appearing for the applicant- Official Liquidator submitted that the representative of the respondent was also present in the meeting of the sale committee and the sale committee after considering the valuation arrived at by GITCO and other aspects in connection with the steps to be taken for sale of the company's properties has fixed the upset price and EMD for approval of this Court and the Court may therefore may approve the upset price and EMD and permit the Official Liquidator to take required steps for the purpose of sale of the company's properties. 7. The Court, having heard learned advocate Ms. Brahmbhatt and learned advocate Mr. Shah and having considered the contents of the present report with the valuation report and the minutes of the meeting of the sale committee, finds that since the recommendation made by the sale committee for sale of the company's properties is based on the valuation carried out by the GITCO, the Official Liquidator could be permitted to fix the upset price and EMD as recommended by the sale committee. The Court also finds that since e-auction has remained successful for speedy and transparent process of the auction to be undertaken, the Official Liquidator could be permitted to hold e-auction through the e-procurement agency- M/s. E-procurement Technologies Ltd. as recommended by the sale committee. 8. As suggested in the report, the Official Liquidator could also be permitted to give advertisement in newspapers recommended in the report. 9. In view of the above, the report is accepted and upset price and EMD as recommended by the sale committee and shown in the above table, which is part of the report, is approved and the Official Liquidator is permitted to fix upset price and EMD accordingly. 9. In view of the above, the report is accepted and upset price and EMD as recommended by the sale committee and shown in the above table, which is part of the report, is approved and the Official Liquidator is permitted to fix upset price and EMD accordingly. The Official Liquidator is also permitted to issue advertisements in the newspapers, viz. 'Dainik Bhaskar' and 'The Times of India' in all Madhya Pradesh Editions, for sale of the aforesaid properties of the company in liquidation. The Official Liquidator is also permitted to make payment to the advertising agencies on receipt of the bills from the advertising agencies for giving advertisements for sale of the assets and properties of the company in liquidation. 10. The Official Liquidator is further permitted to hold e-auction through e-auction agency, namely M/s. E-procurement Technologies Ltd., on its terms and conditions dated 19.1.2018 as approved by the sale committee. 11. The sale schedule for sale of the above assets and properties of the company in liquidation shall be as under:- Date of Advertisement 23.01.2019 Date of issuance of Tender forms 24.01.2019 Date of inspection of properties 01.02.2019 (between 11:30 AM to 4:30 PM) Last date of receipt of offer 13.02.2019 E-Auction 20.02.2019 The e-auction will be conducted on 20.2.2019 through website http://eauction.auctiontiger.net between 2:00 PM to 4:00 PM with auto time extension of 10 minutes each time if the bid is made in the last minutes before close of e-auction till sale is conducted, subject to approval of the Honble High Court. 12. On completing the e-auction proceedings, the Official Liquidator shall make appropriate report before this Court for making further orders in connection with the e-auction held by the Official Liquidator. The Report stands disposed of.