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IN THE MATTER OF M/S KRIPAL ISPAT LTD

High Court of Judicature at Allahabad

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In The Matter Of M/S Kripal Ispat Ltd - COMPANY PETITION No. 22 of 2004 [2007] RD-AH 545 (10 January 2007)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

            In chamber

COMPANY PETITION NO. 22 OF 2004

        In the matter of

M/S Kripal Ispat Limited (In Liquidation)

Hon'ble Sunil Ambwani, J.

1. Present Shri Anjani Kumar Misra, learned counsel for Official Liquidator; Shri B.K.L. Srivastava, Official Liquidator; Shri R.N. Kesari for Punjab and Sindh Bank; Shri Dinesh Kumar Shukla for Punjab National Bank, Kanpur and Shri Om Prakash Misra for workmen.

2. The assets of the company (in liquidation) were re-advertised for sale on 22.11.2006. 52 shop keepers were given an opportunity to show their bonafides by providing proof of their tenancy and deposit the entire rent with the Official Liquidator within one month. Shri Vikas Budhwar states that all the shop keepers have deposited their rent. The Official Liquidator present in court disputes the statement. He will verify the deposit of rent in his office. The shop keepers, however, have not submitted  their offers for purchasing the shops.

3. The re-advertisement of sale of assets of the Company (in liquidation) was carried out in ''Dainik Jagaran'  and ''Aaj' (Hindi) published from Gorakhpur and ''Hindustan Times' and ''Economic Times' (English), Lucknow and New Delhi edition respectively. The entire plant & machinery  was advertised for sale inviting offers with reserve price at Rs.2, 90, 00, 000/-  (based on valuers report) and earnest money deposit of Rs. 29 lacs for the entire assets including land, building, plant and machinery. The Official Liquidator has placed on record four offers. Out of these M/s Reena Steels was not found to be qualified bidder as it has enclosed demand drafts of  earnest money of Rs. 26 lacs only.

4. Among the four bidders, Gunjan Trading Company made the highest offer of Rs. 1, 28, 00, 000/- for the assets as a whole, including the land and building plant and machinery etc. The offer is much below the reserve price of Rs. 2, 90, 00, 000/-.

5. With the consent of all the secured creditors namely Punjab & Sindh Bank; Punjab National Bank; and workmen represented by Shri Om Prakash Misra, the assets with shops and land underneath, excluding the remaining land was  proposed for sale. The offerers wanted to find out the correct position with regard to sale of the land underneath the shops. It was agreed that the land underneath the shops and constructions may also be put to sell leaving the main entry to the land. The land underneath the shops is about 1000 Sqr. mtrs.  All the bidders were informed with this position. The creditors present in chambers agreed that their bids for the entire assets including the land underneath shops but excluding the other land which measures about 16 acres may be put to sell subject to the rights of the tenants which may be determined by the court. The bidders clearly understood the invitation to utter and were allowed competitive bidding

6. With these conditions the offer of M/s Reena Steels with earnest money of Rs. 26 lacs was also found to be valid. No one has raised objection to M/s Reena Steels participating in the bidding.

7. In the competitive bidding, the offer of K.D. Agarwal, Krishikunj, opposite Cancer Hospital, Shahpur, Gorakhpur for Rs. 1, 63, 00, 000/- (Rupees One Crore Sixty Three Lacs only) was found to be highest. The details of the bidding are given as below:-

SN

Name of bidder

Earnest money

Offer

1

K.D. Agarwal

Krishikunj, opposite Cancer Hospital, Shahpur, Gorakhpur

Rs. 29 lacs

1, 27, 00, 000/-

1, 48, 00, 000/-

1, 53, 00, 000/-

1, 56, 00, 000/-

1, 58, 00, 000/-

1, 61, 00, 000/-

1, 63, 00, 000/-

2

M/s Reena Steels

Rs. 26 lacs

   90, 00, 000/-

   92, 00, 000/-

   95, 00, 000/-

1, 02, 00, 000/-

1, 03, 00, 000/-

1, 05, 00, 000/-

1, 07, 00, 000/-

1, 10, 00, 000/-

1, 12, 00, 000/-

1, 15, 00, 000/-

1, 20, 00, 000/-

1, 35, 00, 000/-

1,40, 00, 000/-

1, 45, 00, 000/-

1, 47, 00, 000/-

1,50, 00, 000/-

1, 62, 00, 000/-

3

M/s Gunjan Trading

Rs. 29 lacs

    88, 00, 000/-

   91, 00, 000/-

   93, 00, 000/-

1,00, 00, 000/-

1, 02, 00, 000/-

1, 04, 00, 000/-

1, 06, 00, 000/-

1, 08, 00, 000/-

1, 11, 00, 000/-

1, 13, 00, 000/-

1, 16, 00, 000/-

1, 21, 00, 000/-

1, 36, 00, 000/-

1, 41, 00, 000/-

1, 46, 00, 000/-

1, 51, 00, 000/-

4

Chauri Chaura Steel Ltd.

Rs. 29 lacs

-

8. Shri K.D. Agarwal was found to be the highest bidder for the following lots:-

1. Building including shops, trees, vehicles, plant & machinery, tools, equipments & spare parts, furniture & fixtures & fittings; junk, scrip & waste materials and finished goods and the land underneath the shops.

2. The right of the ownership of all 52 shops with constructions and the land underneath the shops  upto the road, but excluding the entire remaining land.

9. The highest offer of K.D. Agarwal for Rs.  1, 63, 00, 000/- for the lots is as such accepted. Let the highest bidder deposit 25 % of the bid amount excluding the earnest money within 30 days from today. The remaining amount will be deposited within six months, in three equal instalments, the last of which will be on or before 10.7.2007. It will be open to the highest bidder to deposit the entire amount before that date.

10. The bidder will have no right to passage from road  leading to the main gate which shall be left open by him for access to the remaining land.

11. The bidder shall not demolish the boundary wall enclosing the land until the sale of remaining land is confirmed. The guard's room on the gate is excluded from the sale.

12. The highest bidder will not have any right of entry inside the premises or claim over any of the properties put in the lots subject to sale until the entire amount is paid. They will however be entitled to put additional security over and above the security of the Official Liquidator for protecting the assets.

13. The earnest money of the remaining bidders shall be returned by the Official Liquidator on their request and issuing receipts. Let the Official Liquidator carry out measurement of the land beneath the shops, and the remaining land and get it revalued. He will then put up the draft advertisement for sale for orders. List on 7.2.2007 with Official Liquidator's report. The application filed by tenants will be heard on the next date.

Dt.10.1.2007

RKP


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Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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