Telangana High Court
COMPA/1986/2009 of V Satyanarayana Vs The Official Liquidaor on 29 December 2010
Ms. JUSTICE G. ROHINI COMPANY APPLICATION NO.1986 OF 2009 IN COMPANY APPLICATION NO.343 OF 2009 IN COMPANY PETITION NO.57 of 2009 ORDER : By order dated 26.04.2001 made in C.P.No.57 of 1999 this Court ordered winding up of M/s. Sirsilk Limited and the Official Liquidator attached to
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Conclusion
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION NO.1986 OF 2009INCOMPANY APPLICATION NO.343 OF 2009INCOMPANY PETITION NO.57 of 2009
ORDER :
By order dated 26.04.2001 made in C.P.No.57 of 1999 thisCourt ordered winding up of M/s. Sirsilk Limited and the OfficialLiquidator attached to this Court was appointed as the Liquidator.Pursuant thereto, the Official Liquidator took possession of theproperties of the company in liquidation situated at SirpurKaghaznagar, Adilabad District. All the said properties, comprising ofvacant land, quarters and commercial structures were got valuedthrough M/s. APITCO Limited and some of the assets were disposedof. In order to bring the unsold assets for sale, the Official Liquidatorfiled Company Application No.343 of 2009 and this Court by orderdated 18.04.2009 permitted the Official Liquidator to sell the assets ofthe company in liquidation in 8 different lots after getting valuedthrough a Chartered Valuer. While approving the terms and conditionsfor sale of the properties and the draft notice inviting sealed tenders asproposed by the Official Liquidator, this Court further ordered that inthe draft notice one more note may be added indicating that thebidders may also opt to bid for lesser extent of land andcorrespondingly submit the EMD at 10% of the valuation offered bythem. In terms of the said order, the Official Liquidator issued salenotice dated 6.5.2009 putting the land to sale in 8 lots and alsopermitting the bidders to submit their tenders for lesser extent of land ina lot.
Accordingly, the Official Liquidator put the assets in 8 lots forsale on “as is where is and whatever there is” basis. So far as LotNo.5, admeasuring Ac.34-63 cents of land is concerned, the applicant herein, who offered Rs.1,80,00,000/- was the successful bidder. Byletter dated 06.11.2009 the Official Liquidator called upon the applicantto deposit the balance sale consideration of Rs.1,62,00,000/- (afterdeducting the EMD already paid) within one month. At that stage, thepresent application has been filed seeking extension of time fordepositing the balance sale consideration stating that the applicantwas expecting the amounts in his business transactions within sixweeks.
I have heard Sri G.Narender Raj, the learned counsel for theapplicant and Sri M.Anil Kumar, learned counsel appearing for theOfficial Liquidator.
The Official Liquidator placed before this Court a calculationmemo which shows that as on today Rs.98 Lakhs has been paid bythe applicant and a sum of Rs.82 Lakhs is still due towards the saleconsideration.
It is to be noticed that C.A.No.2036 of 2009 filed by theapplicant contending that the value of the buildings allegedly existingon the land in question at the time of the auction was liable to bededucted was dismissed by this Court by order dated 27.12.2010. Having regard to the pendency of the said application and taking intoconsideration the inability expressed by the applicant to make thebalance amount ready within the time fixed by the Official Liquidator, Ideem it appropriate to extend the time for payment of the balance till2.2.2011, however subject to payment of interest at the rate of 8%.
Accordingly, the Application is disposed of extending the timefor payment of the balance sale consideration of Rs.82 Lakhs together with interest at the rate of 8% on Rs.82 Lakhs from 8.12.2009to 27.12.2010 on or before 2.2.2011. No costs.
Dt. 29.12.2010 Ivd
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G. ROHINI, J.