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In The Matter Of M/S Rajinder Steels Ltd. - COMPANY PETITION No. 44 of 1998  RD-AH 12907 (26 July 2007)
COMPANY PETITION NO. 44 OF 1998
In the matter of
M/s Rajinder Steels Limited (In Liquidation)
Hon'ble Sunil Ambwani, J.
1. Present Shri B.K.L. Srivastava, Official Liquidator; Shri Amit Saxena for IDBI, Shri Om Prakash Misra for IFCI Ltd. and Standard Chartered Bank substituted in place of ICICI Bank Ltd; Shri A.K. Misra for M/s Roopshan Textiles Ltd and M/s Enrich Engineering Works Pvt Ltd; and Shri B.D. Mandhyan, learned Senior Advocate assisted by Shri Rohit Agarwal for M/s Zircon Traders Ltd.
2. Reference orders dated 24.5.2007; 5.7.2007; 20.7.2007 and 25.7.2007, the highest bidder namely M/s Roopshan Textiles Ltd and M/s Enrich Engineering Works Pvt Ltd. have agreed to furnish bank guarantee of the entire remaining bid amount or to deposit entire amount within 15 days i.e on or before 10th August, 2007.
3. The sale of assets of the Company (in liquidation) at Kanpur is confirmed in favour of M/s Roopshan Textiles Ltd for plant and machinery and M/s Enrich Engineering Works Pvt Ltd for land and building respectively with following conditions:-
(1) The bid is accepted and confirmed as a joint bid with joint & several responsibility.
(2) The highest bidder will furnish the bank guarantee or deposit the entire balance amount as offered on or before 10th August, 2007. They will be allowed to have an outside security without any right to entry until they furnish bank guarantee or deposit balance bid amount.
(3) The highest bidder will not be allowed to remove any article till the bank guarantee is furnished or balance amount is deposited. The possession will be handed over only thereafter.
(4) In case of deposit of bank guarantee of balance amount the plant and machinery will be removed in eight months and that the brick and masonry work (building), and steel structure will not be removed until the entire balance amount is deposited.
4. It will be open to the highest bidders to deposit the balance amount before 10th August, 2007. In such case, they may move an application for sale certificate, entry and removal of plant and machinery.
5. It is made clear that the land and building include the land; brick & masonry works (building) and steel structures. At the time of removal of plant and machinery, the highest bidder will not remove the steel structures.
6. Shri B.D. Mandhyan, learned Senior Advocate assisted by Shri Rohit Agarwal have requested for return of the money deposited by Zircon Traders Ltd. as they have unconditionally withdrawn their offer. Let the amount deposited by Zircon Traders Limited be returned to them by the Official Liquidator on their request in writing after obtaining receipt.
7. The matter will be listed again on 13th August, 2007. Copy of the order may be given to learned counsel for parties tomorrow on payment of usual charges.
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