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In The Matter Of M/S Champaran Sugar Company Ltd. - MISC. COMPANY APPLICATION No. 2 of 1993  RD-AH 2236 (12 February 2007)
Court No. 30
MISC. COMPANY APPLICATION NO. 2 OF 1993
In the matter of
M/s Champaran Sugar Mill Ltd (in liquidation)
Hon'ble Sunil Ambwani, J.
1. Present Shri Anjani Kumar Misra, learned counsel for Official Liquidator; Shri R.N. Singh, Senior Advocate assisted by Shri V.K. Singh, Advocate for Shri Vishnu Kant Gupta, who had deposited Rs. 10 lacs and was declared as highest bidder for Bara Chakia unit of Champaran Sugar Mills Company Ltd (in liquidation) with an offer of Rupees Five Crores, on 31.1.2001; Shri Vipin Sinha for J.H.V. Sugar; Shri Ashish Mohan Srivastava holding brief of Shri S.N. Misra for Shiv Shakti Chini Mill Pvt. Ltd. and Shri Pankaj Bhatia for Sanjiv Kumar Chaudhari.
2. M/s Hanuman Industries India Pvt. Ltd and M/s NNP Trading and Investment Pvt Ltd had challenged the order dated 31.1.2001 in special appeal Nos. 153 and 195 of 2001 respectively. On 7.2.2001 and 13.3.2001 the Division Bench hearing the appeal had stayed the operation of the order dated 31.1.2001 passed by learned Judge in Misc. Company Application No. 2 of 1993.
3. Shri Anjani Kumar Misra states that Special Appeal Nos. 153 and 195 of 2001 were taken up by Division Bench on 5.12.2006 and were dismissed for want of prosecution. The interim order was discharged. The matter came up before this Court on 20.1.2007. The Official Liquidator was directed to issue notice to Vishnu Kant Gupta to show cause as to why the bid be not cancelled.
4. Today when the matter was taken up, J.H.V. Sugar has offered Rs. 5.21 crores; Shiv Shakti Chini Mill Pvt Ltd offered Rs. 6 crores; and Sanjiv Kumar Chaudhari offered Rs. 6.5 crores as against the bid of Vishnu Kant Gupta of Rs. 5 crores, for Bara Chakia unit.
5. Shri Vishnu Kant Gupta has deposited Rs. 10 lacs as earnest money and Rs. 1.5 crores in favour of Official Liquidator on 9.2.2007.
6. Having regard to facts and circumstances and the higher bids, it is apparent that the value of the assets of Bara Chakia unit has gone up considerably. The Court as such directs:-
1. The Official Liquidator will get assets of both Bara Chakia and Chanpatia units of the company (in liquidation) re-valued within three weeks.
2. The Official Liquidator will advertise in leading news papers inviting fresh bids, other than the bids which were received today in Court. He will also fix a date for inspection. All the bidders present today, including Shri Vishnu Kant Gupta, will deposit an amount of Rs. 5 crores by demand draft in favour of Official Liquidator payable at Allahabad on or before 12.3.2007. The advertisement will also indicate that any person willing to participate in the process of bidding may deposit Rs. 5 crores with the Official Liquidator on or before 12.3.2007 upto 05.00 PM. The Official Liquidator will present all the bids in chambers on 14.3.2007 at 02.00 PM for competitive bidding.
7. So far Chanpatia unit of the company is concerned, Shri Anjani Kumar Misra appearing for Official Liquidator informs that a Special Appeal is still pending and the stay order is operating.
8. List on 14.3.2007 at 02.00 PM in chambers.
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