COMPA/1169/2013 of M/s. Allwyn Watches Ltd., (in Prov. Liqn) Vs The Principal Secretary to Government on 31 December 2013

ORDER:

All the respondents are now represented by their counsel as thenotice is served on all the secured creditors.

2. This application is filed by the official liquidator seekingrevaluation of the plant and machinery and current assets of thecompany (in liquidation). It is stated in paragraph 9 of the affidavit filedin support of the application that earlier through M/s. APITCO Ltd.,valuation of land as well as plant and machinery was carried out.However, when the property was put to auction in different lots, nosatisfactory offer was received. So far as plant and machinery isconcerned, all the creditor banks requested the official liquidator to findout feasibility of having fresh valuation obtained before taking upauction afresh. At the request of all the secured creditors, therefore,the assets are requested to be revalued as per the joint meetingconducted by the official liquidator with all the secured creditors on26.07.2013. This application is, accordingly, filed seeking directions asto revaluation.

3. All the learned counsel appearing for the secured creditorsendorses no objection in obtaining fresh valuation and out of the list ofeligible valuers suggested by the learned counsel representing M/s.IDBI Ltd., M/s. K. Dhanapati Rao & Valuers Private Ltd., is appointedas valuer, who shall value the assets of the respondent company andfile valuation report showing the value of the property as on date. Letthe report be filed on or before 15.02.2014.

Company Application is, accordingly, disposed of. Miscellaneousapplications pending, if any, shall stand closed. There shall be noorder as to costs.

December 31, 2013LMV

______________________

VILAS V. AFZULPURKAR, J

HONOURABLE SRI JUSTICE VILAS V. AFZULPURKAR

COMPANY APPLICATION No.1169 OF 2013

LMV

Dt: 31.12.2013