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The Official LiquidatorHigh Court, Madras as the Liquidator of M/s. Mount Mettur Pharmaceuticals Limited - Court Judgment

LegalCrystal Citation
CourtChennai High Court
Decided On
Case NumberComp.A.No. 335 of 2016 in C.P.No. 274 of 2009
Judge
Excerpt:
companies act, 1956 - section 460(4) - .....are as follows: sl.no.demand draft no.amountrs.favouring1687255 00000 2000 000413rs.1,500/-the official liquidator,high court, madras.2.687256 00000 2000 000413rs.2,000/-the official liquidator,high court, madras. 3.1. mr.p.r.kanagamani says that he will pay a total sum of rs.16,000/- towards purchase of the car referred to in lot-ii. since demand drafts worth rs.3,500/- have already been submitted in court, he says that the said amount should be adjusted against the total consideration of rs.16,000/-. 4. having heard, p.r.kanagamani and the official liquidator, i am inclined to accept the bid in view of the fact that with each passing day, the car will depreciate only further and any delay hereafter could make its sale unviable with the cost of advertisement being phenomenally high......
Judgment:

(Prayer: Application filed under Section 460(4) of the Companies Act, 1956 read with Rules 9, 11(b) of Companies (Court) Rules, 1959).

1. Pursuant to order dated 09.09.2016, a direction was issued to the Official Liquidator (OL) to sell the immovable and moveable properties of the Company-in-Liquidation, i.e., M/s.Mount Mettur Pharmaceuticals Limited.

2. Consequently, the auction process was kick-started. Bids received were required to be opened today, in Court.

2.1. I am informed that no bids have been received for Lot-I which comprises of leasehold land and moveable assets.

3. In so far as Lot-II is concerned which comprises of a Maruti-800 Car, bearing Registration No. TN-07W.1425, one bid has been received, in Court, today, from, one Mr.P.R.Kanagamani, S/o.Raja, Pattakkaranpalayam P.O., Penrundurai Taluk, Erode District. He has placed before me two Demand Drafts having an accumulative value of Rs.3,500/-. The details of the Demand Drafts are as follows:

Sl.No.Demand Draft No.AmountRs.Favouring
1687255 00000 2000 000413Rs.1,500/-The Official Liquidator,High Court, Madras.
2.687256 00000 2000 000413Rs.2,000/-The Official Liquidator,High Court, Madras.
3.1. Mr.P.R.Kanagamani says that he will pay a total sum of Rs.16,000/- towards purchase of the car referred to in Lot-II. Since Demand Drafts worth Rs.3,500/- have already been submitted in Court, he says that the said amount should be adjusted against the total consideration of Rs.16,000/-.

4. Having heard, P.R.Kanagamani and the Official Liquidator, I am inclined to accept the bid in view of the fact that with each passing day, the car will depreciate only further and any delay hereafter could make its sale unviable with the cost of advertisement being phenomenally high.

4.1. The learned Official Liquidator, who is present in Court, is also agreeable to the bid being accepted in respect of the car.

4.2. Accordingly, in so far as the car referred to in Lot-II of the auction notice is concerned, the bid of Mr.P.R.Kanagamani is confirmed subject to the balance consideration of Rs.12,500/- being paid by via a Demand Draft, within two days, from today.

4.3. Upon receipt of the said amount, the Official Liquidator will take necessary steps including handing over of the possession of the said car along with the necessary documents, i.e., R.C. Book etc.

4.4. In addition to the aforesaid amount, Mr.P.R.Kanagamani also agrees to pay a sum of Rs.1,500/- towards cost of tender form. Thus, Mr.P.R.Kanagamani, in effect, would be required to pay to the Official Liquidator, a total amount of Rs.14,000/-.

5. In so far as Lot-I is concerned, which as indicated above, pertains to immovable and moveable assets, and since, no bids have been received, the Official Liquidator will have to re-auction the said assets.

5.1. It is ordered accordingly.

6. The Official Liquidator has placed on record, a report, dated 03.12.2015, whereby, permission to pay the valuation and the advertisement charges is sought for.

7. In so far as the advertisement expenses are concerned, the Official Liquidator seeks a direction to pay Rs.9,18,200/- to the Southern Advertising Agency. So far as the Valuation Charges are concerned, the relevant bill has not been placed on record. Therefore, for the moment, permission is granted to the Official Liquidator to pay the Advertisement charges. Leave is, however, given to the Official Liquidator to move a separate application for payment of dues to the Valuer. No further directions are called for. The Application is, accordingly, closed.


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