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In The Matter Of Raza Textiles Ltd. - MISC. COMPANY APPLICATION No. 3 of 1994 [2007] RD-AH 2440 (14 February 2007)


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In chamber


In the matter of

M/s Raja Textiles Ltd (in liquidation)

Hon'ble Sunil Ambwani, J.

Heard Shri Manu Khare, Advocate on the objections made by Ex-Director with regard to the valuation report. He has pointed out certain discrepancies namely that the plantation quarters toward east of the mill has been excluded by G.S. Birdie, the valuer. He further submits that covered area of the workers quarters for the purposes of valuation has not been properly assessed.

In substance, the objections are  about exclusion of 10 acres of the land toward east of the mill (Shivpuram colony) covered under the plantation quarters.

A perusal of the valuer's report shows that he has taken into  consideration the entire land,  which was recorded in the name of company (in liquidation) with the help of revenue records and the certificate issued by the Tehsildar. In case any land is left out, the same may be sold by the Official Liquidator at a later stage. The enquiry in this regard, which has taken months together, should not withhold the sale of the assets. The company (in liquidation) was wound up on 12.8.1998. It is neither in the interest of the secured creditors nor in the interest of workmen to delay the sale any longer. The Ex-Directors even otherwise may not get anything as in such sale hardly anything is left for payment to the shareholders.

The Court as such directs the Official Liquidator to proceed with sale of the assets preparing the first lot of all the assets of the company on 'as they are and in whatever conditions they are' including actionable claims. The second and third lots will include the plant and machinery and the land and building of the company (in liquidation) respectively excluding workers quarters for which the offers  were invited and have been received by some of the workers to purchase these quarters on the price fixed by the valuer on priority.

Present Shri Om Prakash Misra, Advocate  for IFCI, Standard Chartered Bank and Kotak Mahindra Ltd; and  Shri Anjani Kumar Misra, Advocate for IDBI. Ms Sumati Rani Gupta, Advocate holding brief of Suman Sirohi, Advocate appears for workmen. The secured creditors and workmen have no objection for sale of the assets.

Let the advertisement be carried out giving dates for inspection on or before 19.3.2007 fixing the matter for inviting bids on 18.4.2007 at 02.00 PM.

List on 18.4.2007 at 02.00 PM in chambers.

Dt. 14.2.2007



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