ORDER : A.J. Desai, J. 1. By way of this application, the applicant bank as secured creditor, has prayed for the following reliefs: "A) YOUR LORDSHIP may be pleased to permit the applicant bank to fix reserve price of Rs. Rs. 2,90,94,500/- for factory, land and building, plant and machinery, stocks and miscellaneous items of the company (in liquidation) and to permit to sell the said assets of the company (in liquidation) under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 in association with the official liquidator. B) Any other and further relief/s that this Hon'ble Court may deem fit please be granted in the interest of justice" 2. This Court vide order dated 17.2.2014 passed in Company Petition No. 263 of 2013 and allied matters ordered the winding up of the company M/s. Apoorva Laminates Pvt. Ltd. and the official liquidator attached to this Court was appointed as liquidator. 3. It is the case of applicant bank that it had given facility of credit limits aggregating to Rs. 491 lakhs against principal securities of hypothecation of entire stocks, raw material, work in progress, semi-finished and finished goods and so also the land and building of the company situated at survey no. 311/3 part, Nava Sadurka, 8A National Highway, Morvi was mortgaged to the applicant bank. 4. It is the case of the applicant bank that it had initiated proceedings against the said company (in liquidation) under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 ("SARFAESI Act" for short). On a perusal of the record, it transpires that after passing of the order of winding up by this Court, the applicant bank issued a notice for sale of the secured assets on 22.2.2014 and as pointed out by the Learned advocate for the applicant that more than 5 attempts have been made however, no bid was received. 5. According to the applicant bank, it is the only secured creditor of the company (in liquidation). 5. According to the applicant bank, it is the only secured creditor of the company (in liquidation). The applicant, in view of the winding up proceedings being pending, before this Court, preferred Company Application No. 77 of 2014, wherein this Court was pleased to direct the applicant bank to issue fresh advertisement after obtaining fresh valuation in consultation with the official liquidator and this Court was fixed the reserve price which was not to be less than Rs. 6,25,00,000/-. 6. The Learned advocate for the applicant bank has pointed out that thereafter there were series of correspondences between the applicant bank and the official liquidator which was followed by afresh valuation report dated 4.2.2015 of land and building and in this regard, necessary changes were made in the draft of the e-auction sale notice with a request to the official liquidator to give consent to the said e-auction sale notice. 7. Since there was no bidder who was willing to purchase the assets of the company for Rs. 6,51,01,000/-, request was made by the applicant bank to reduce the reserve price of the assets of the company from Rs. 6,51,01,000/- by 10% to Rs. 5,85,93,000/-. 8. The official liquidator refused to give consent to the said reduction without the directions of this Court and therefore the applicant bank preferred Company Application NO. 244 of 2015 praying for reduction of reserve price by 10% for the purpose of auctioning of the property since no bidder was available to purchase the property under consideration at the reserve price fixed by this Court and that the plant and machinery were unused and idle since several years. After hearing the parties, this Court passed an order dated 17.10.2015 followed by an order dated 17.6.2016, allowing the application and fixing the reserve price at Rs. 6,00,00,000/-. 9. That the applicant bank thereafter issued e-auction sale notices dated 4.1.2018, 9.7.2018 and 19.9.2018 fixing the reserve price at Rs. 6,00,17,000/- with EMD amount at Rs. 60,03,000/- however, the said auction failed as there were no bidders in the auction. 10. 6,00,00,000/-. 9. That the applicant bank thereafter issued e-auction sale notices dated 4.1.2018, 9.7.2018 and 19.9.2018 fixing the reserve price at Rs. 6,00,17,000/- with EMD amount at Rs. 60,03,000/- however, the said auction failed as there were no bidders in the auction. 10. In continuation with the aforesaid facts, the learned advocate for the applicant bank has brought to the notice of this Court fresh valuation reports of the assets of the company in liquidation which are dated 4.9.2019 and 7.9.2019 issued by Government Registered Approved Valuer and on the basis of the said valuation reports, the applicant bank has prayed for fixing of the reserve price of Rs. 2,90,94,500/-. 11. That the applicant bank has also approached the official liquidator by way of a letter dated 23.9.2019 providing the details about the fresh valuation reports of land and building, plant and machinery and raw material and finished goods stock seeking consent for reduction in the minimum reserve price of the aforesaid assets to Rs. 2,90,94,500/-. The applicant bank has provided the valuations based on fair market value as well as the realizable value and the distress value of land and building, plant and machinery as well as the raw material and finished goods and misc items. The same is reproduced herein below: Sr. No. Description of the property Fair Market Value (Rs.) Realizable Value (Rs.) Distress Value (Rs.) 1. Industrial land, factory shed and allied civil structure 2,56,68,000/- 2,05,35,000/- 1,79,65,000/- 2. Plant and machinery and allied equipments 1,12,85,000 90,28,000/- 67,71,000/- 3. Raw material, finished goods, stock and misc. items 27,79,000/- 22,23,000/- 16,67,000/- 12. The official liquidator on its part has responded by way of letter dated 26.9.2019 informing that the office of the official liquidator cannot give consent as the Hon'ble Court is the only authority in this regard. 13. It is under such circumstances that the applicant bank has approached this Court praying for permission to carry out auction/sale of the assets of the company (in liquidation) by fixing the reserve price of Rs. 2,90,94,500/- for the factory, land and building, plant and machinery, stocks and miscellaneous items of the company (in liquidation). 14. In response to the notice issued by this Court, the official liquidator has filed report dated 14.2.2020 and has stated as under: "3. 2,90,94,500/- for the factory, land and building, plant and machinery, stocks and miscellaneous items of the company (in liquidation). 14. In response to the notice issued by this Court, the official liquidator has filed report dated 14.2.2020 and has stated as under: "3. That, the official liquidator most respectfully further submits that the Bank of India has carried out valuation of assets of company in liquidation situated at Nava Sadulka, Sur. No. 113/3 paiki, Near Kandla-Rajkot bye pass, opp. Laxmi nagar, N.H. 27, Morvi and as per valuation reports dated 4.9.2019 of Shri Navinchandra R Kalaria and as per valuation report dated 7.9.2019 of M/s. Multi Mulyankan, INC, valuer, the value of the assets and properties are as under: Shri Navinchandra R Kalaria, Valuer Raw materials & finished goods Stock &* Misc. items Fair Market value Rs. 27.79 lacs Realizable/forced sale value Rs. 22.23 lacs Distress sale value Rs. 16.67 lacs Multi Mulyankan, INC, Valuer Industrial land, factory shed and allied civil construction Fair market value Rs. 2,56,68,000/- Realizable/forced sale value Rs. 2,05,35,000/- Distress sale value Rs. 1,79,65,000/- A copy of the valuation report dated 4.9.2019 of Shri Navinchandra R Kalaria and valuation report dated 7.9.2019 of M/s. Multi Mulyankan, INC, valuer, are annexed with the application at page nos. 139 of 172 as annexure-Q. 4. That, the official liquidator most respectfully further submits that the applicant bank seeking permission to fix reserve price of Rs. 2,90,94,500/- for sale of factory, land and building, plant and machinery, stocks and miscellaneous items of the company (in liquidation) under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 on the basis of the aforesaid valuation reports. 5. That, the official liquidator most respectfully submits that as per page no. 174 of application, the applicant bank has proposed reserve price of Rs. 2,90,94,500/- average value of realizable value and distress value of the assets of the company in liquidation. 6. In view of above, this Hon'ble Court may be pleased to direct the applicant to fix the upset price considering fair market value or realizable value instead of average of realizable value and distress value of the assets of the company in liquidation. 7. This report is submitted for such other and further orders and directions as this Hon'ble Court may consider just and appropriate in the matter." 15. 7. This report is submitted for such other and further orders and directions as this Hon'ble Court may consider just and appropriate in the matter." 15. From record, it transpires that the plant and machinery are unused and idle since more than 6 years and the quality of the raw material and finished stocks has also deteriorated. It is a matter of record that various attempts have been made to auction the assets but have failed since there were no buyers/bidders which aspect is also evident from the earlier orders passed by this Court on record in the captioned petition. Considering the valuation reports and the observations made by the official liquidator in his report and in the peculiar facts and circumstances, it would be just and proper to direct that the reserve price be fixed by the applicant bank considering only the realizable value instead of the average of the realizable value and distress value of the assets of the company in liquidation, as prayed for by the applicant bank in the captioned application. 16. In such circumstances, it is directed that applicant bank is permitted to proceed with the auction of the assets of the company viz land and building, plant and machinery, raw material and goods by taking the reserve price on the basis of the realisable value of the assets in question, which is fixed Rs. 3,17,86,000/-. 17. For the aforesaid reasons, the present application is allowed to the aforesaid extent and stands dispose of accordingly.