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In The Matter Of.Saryu Sugar Mills Limited - COMPANY APPLICATION No. 2 of 1998  RD-AH 780 (12 January 2006)
Misc. Company Application No. 2 of 1998
In the matter of : M/S MAHENDRA STEELS TUBES LTD.
Hon'ble Sunil Ambwani, J.
In pursuance of orders dated 31.8.2005 and 24.11.2005, the land, building and factory shed were advertised for sale inviting bids on 11.1.2006 which was holiday on account of 'Id-Ul-Zuha' and thus the matter has come up for bidding in chamber today.
Present Shri A.K. Misra for Official Liquidator; Shri S.K. Saxena, Official Liquidator; Shri Ajit Rey for UPFC, Shri Sobaran Singh, Law Officer, UPFC and Shri B.K. Chaurasia, Deputy Manager, Finance PICUP and three bidders.
Before the bids could be opened, it was pointed out by the Official Liquidator as well as representative of UPFC and PICUP that the last valuation report of 30.8.2001 had valued the land measuring 5319 sqr. mtr. at Rs. 100/- per sqr. mtr, the value of land has now increased to Rs. 200/- per sqr. mtr, and that building and super structure have to be de-valued further to the extent of 10%. The bidders Shri Satendra Chaudhary and Sanjay Garg informed the Court that the entire factory shed was dismantled by the purchaser of the plant and machinery and that apart from plant and machinery, he has also cut and taken away the main plant shed, and other items; and that at present only bricks and civil structure are standing.
With these objections, it would not be appropriate to offer the property for sale, without ascertaining the current valuation.
On the request of UPFC and PICUP that they are prepared to inspect and report on the existing plant shed and other civil structures and to give the current market value of the land, it is made open to them to get the existing land and building and other civil structures re-valued through their sources and submit a report to the court.
The valuation report shows that a office building of M/s M Mahinder Steel Tubes Ltd. (in Liq.), at Street no. 8, H. No. B/10
Gandhi Colony, Muzaffarnagar of which the photographs are included in the valuation report is also a company property. The Official Liquidator states that at the time of inspection and valuation, the Ex Directors were not available. The Official Liquidator will submit a report with regard to the impressive constructed houses for the purpose of its sale to be held separately. UPFC and PICUP also submit a report with regard to the office. The Official Liquidator will provide all assistance to them, for revaluation.
List on 8.2.2006.
In view of this order, which was dictated in presence of the bidders, they are permitted to withdraw the bids, and to submit fresh bids after the valuation is worked out. All the three bids were returned to them in the same sealed condition after obtaining receipt.
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