ORDER : 1. Heard learned advocate Mr. Dhawan Jayswal for the applicant. 2. The Official Liquidator has filed present report with the following prayers: - “A) This Hon’ble High Court may be pleased to approve the Upset Price and EMD (sale schedule) for sale of the assets and properties of the Company in liquidation as stated in para-5 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 “Gujarat Samachar” Gujarati daily in all Gujarat Editions and “Times of India” in Ahmedabad & Vadodara Edition for inviting offers for sale of assets of the company in liquidation or in such other newspapers as may be considered appropriate by this Hon'ble Court as stated in para-6 and also permit the Official Liquidator to make the payment of advertising agency on receipt of the bill from the fund of company in liquidation as stated in para-8 of this report. (C) This Hon’ble Court may be pleased to permit the Official Liquidator to conduct e-auction through M/s. RailTel Corporation of India Ltd. as per Terms & Conditions issued by Ministry of Corporate Affairs as per annexure ‘C’ herein above. D) Such other and further orders and directions as may be considered just and appropriate may also be passed.” 3. This Court vide order dated 02.03.2022 passed in Official Liquidator Report No. 151 of 2018 permitted the official liquidator to file fresh report with latest valuation report. 4. Thereafter, Sale Committee was constituted for sale of assets of the Company (In Liquidation) on 21.07.2022 after the receipt of valuation report from Induprasad C. Patel Govt. Approved Panel Valuer. 5. The Sale Committee meeting was held on 21.07.2022 and valuation report received in sealed cover was shown to all members of the committee and the same was opened after taking initials and signatures of all members. 6. On perusal of valuation report, it was observed by the Sale Committee that valuer has submitted three separate valuation reports vide his report dated 04.06.2022 with respect to properties of the company in liquidation as mentioned below: “A. Property No.1 :- situated at :- I Non Agricultural free hold land, Admeasuring 1005.85 Sq. Mtrs. 6. On perusal of valuation report, it was observed by the Sale Committee that valuer has submitted three separate valuation reports vide his report dated 04.06.2022 with respect to properties of the company in liquidation as mentioned below: “A. Property No.1 :- situated at :- I Non Agricultural free hold land, Admeasuring 1005.85 Sq. Mtrs. Plot No.7 of R. Survey No. 435 (Paiki) In Subh Laxmi Industrial Estate situated at Village/Mouje-Moraiya, Taluka- Sanand, Dist. Ahmedabad And II Non Agricultural free hold land, Admeasuring 2155 Sq. Mtrs,. Plot No.7A with double storied construction made thereon, R. Survey No.435/2 situated at, Mouje Moraiya, Tal. Sanand, Dist- Ahmedabad. Sr. No. Category Details Estimated Fair Market Value (In Rs.) Realizable Value (In Rs.) Distressed Value (In Rs.) Jantri Value (In Rs.) 1. Non Agricultural free hold land, Admeasuring 1005.85 Sq. Mtrs. Plot No.7 of R.Survey No. 435 (Paiki) 1,10,64,000/- 99,58,000/- 82,98,000/- 42,60,000/- 2. Non Agricultural free hold land, Admeasuring 2155 Sq. Mtrs,. Plot No. 7A with double storied construction, R.Survey, No.435/2 2,37,05,000/- 2,13,35000/- 1,77,79,000/- 96,10,000/- 7. The Sales Committee has unanimously decided to fix upset price of the said the properties as per the Realizable Value and the priority to be given to composite lot/composite bidder with reference to item No.I & II, for (I) Land admeasuring 1005.85 Sq. Mtrs. of R.Survey No.435 (Paiki) at Rs. 1 Crore and (II) Land Admeasuring 2155 Sq. Mtrs. of R.Survey No. 435/2 at Rs. 2.14 Crore and Earnest Money Deposit (EMD) to be fixed at 10% of upset price and both the properties to be sold on “As is where is and whatever there is basis” (B) Property No.2:- Situated at :- -Non Agricultural Leasehold GIDC Industrial Land Admeasuring 10,361, bearing Plot No. 401-402 together with factory bledge. In Umreth Industrial Estate of GIDC, on land with S.No.1603/1, 1602/1, 1602/2, 1601, 1599/p and 1598/p at village/Taluka-Umreth, Dist- Anand, the valuation report dated 04.06.2022 opened and perused by members of Assets Sale Committee. Sr. No. Category Details Estimated Fair Market Value (In Rs.) Realizable Value (In Rs.) Distressed Value (In Rs.) Jantri Value (In Rs.) 1 Non Agricultural Leasehold GIDC Industrial Land Admeasuring 10,361, bearing Plot No. 401-402, together with factory bledg. 2,41,44,000/- 2,17,30,000/- 1,81,08,000/- 2,21,75,000/- 8. The Sale Committee has Unanimously decided to fix the upset price of the said property as per the Realizable Value at Rs. 2,41,44,000/- 2,17,30,000/- 1,81,08,000/- 2,21,75,000/- 8. The Sale Committee has Unanimously decided to fix the upset price of the said property as per the Realizable Value at Rs. 2.18 Crores on “As is where is and whatever there is basis” and EMD to be 10% of upset price. 9. EMD and UPSET price of each property shall be as under: (A) Property No.1:- Lot.No Description Upset Price EMD 10% 1 Non Agricultural free hold land, Admeasuring 1005.85 Sq. Mtrs. Plot No.7 of R.Survey No. 435 (Paiki) In Subh Laxmi Industrial Estate situated at Village/Mouje Moraiya, Taluka- Sanand, Dist. Ahmedabad. ” As is where is & whatever there is basis”. 1,00,00,000/- 10,00,000/- 2. Non Agricultural free hold land, Admeasuring 2155 Sq. Mtrs,. Plot No. 7A with double storied construction made thereon, R. Survey No.435/2 situated at, Mouje Moraiya, Tal. Sanand, Dist- Ahmedabad. ” As is where is & whatever there is basis”. 2,14,00,000/- 21,40,000/- 3. Composite Lots I & II 3,14,00,000/- 3,14,00,000/- (B) Property No.2:- Lot.No Description Upset Price EMD 10% 1. Non Agricultural Leasehold GIDC Land bearing Plot No. 401-402, of 10361 Sq.mtrs. together with factory bledg. In Umreth Indu. Estate of GIDC, on land with S.No.1603/1, 1602/1, 1602/2, 1601, 1599/p and 1598/p at village /Taluka-Umreth, Dist- Anand And Including Inventory lying at the premises. ”As is where is & whatever there is basis”. 2,18,00,000/- 21,80,000/- TOTAL 2,18,00,000/- 21,80,000/- 10. The sale committee members have also unanimously recommended that, the advertisement is to be issued in the News Paper for sale of Assets and Properties of the Company in Liquidation as under:- Sr. No. Name of the News Paper Edition 1. Gujarat Samachar (Gujarati) All Gujarat circulation 2. Times of India (English) Ahmedabad & Vadodara circulation 11. The representative of secured creditors present were also requested to upload the copy of Advertisement on their official website of respective Banks/Financial Institutions for wide publication/circulation and to invite more buyers. 12. In view of above, the schedule program for disposal of assets and properties of the Company (In Liquidation) is fixed as under :- Sr. No. Particulars Date 1. Date of Advertisement as per para 10 above 19.01.2023 2. Date of Issue of Tender Forms 23.01.2023 3. Date of Inspection of properties 30.01.2023 4. Last date of receipt of offer/EMD in the Office of Official Liquidator 15.2.2023 5. No. Particulars Date 1. Date of Advertisement as per para 10 above 19.01.2023 2. Date of Issue of Tender Forms 23.01.2023 3. Date of Inspection of properties 30.01.2023 4. Last date of receipt of offer/EMD in the Office of Official Liquidator 15.2.2023 5. The e-auction will be conducted through website of M/s Railtel Corporation of India Ltd. 16.02.2023 6. Final Outcome of E-Auction shall be placed before the H Court. 24.02.2023 13. It is submitted in the report that, the valuer has submitted bills of valuation for all three properties of valuation report dated 04.06.2022 and has requested for payment of bills. 14. In view of the fund available in the Company (In Liquidation) is Rs. 4,84,584/- and there will be an additional requirement of Rs. 6.00 Lakh for meeting further expenses for valuation charges, Advertisement expenses, E-Auction expenses etc., the Sale Committee has opined that each secured creditor shall contribute with respect to Rs.6.00 lakh for liquidation process expenditure. It is therefore directed that respective secured creditor Bank and Financial institution will ensure to deposit Rs. Six lakh in equal proportion towards liquidation expenses within 15 days from the date of this order with the office of the official liquidator which will be reimbursed from realization of Fund from sale of Asset & properties of Company (In Liquidation). 15. The Official Liquidator is permitted to conduct e-auction through M/s. Railtel Corporation of India Ltd. as per terms and conditions issued by the Ministry of Corporate Affairs. 16. It is made clear that finalization of auction is subject to final order that may be passed by this Court and if required the Court will conduct manual auction, inter-se biding between bidders to fetch the maximum price of the property. The Official Liquidator is also permitted to pay the bills of the valuer as well as the advertisement bill from the funds available in the company account of the company in liquidation after verification of actual bill of the Advertisement Agency. 17. With the aforesaid observations and directions, this report is allowed to the aforesaid extent.