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BOARD FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION,NEW DELHI versus M/S WILLARD STORAGE BATTERIES LTD.

High Court of Judicature at Allahabad

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Board For Industrial & Financial Reconstruction,New Delhi v. M/S Willard Storage Batteries Ltd. - MISC. COMPANY APPLICATION No. 7 of 2000 [2004] RD-AH 382 (28 July 2004)

 

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 Chambers

In the matter of M/s Willards Storage Batteries Limited

(in liquidation)

Official Liquidator's Report No. 148 of 2004

In

Misc. Company Application No. 7 of 2000

Hon'ble S.P. Mehrotra, J.

Pursuant to the order dated 7.4.2004,the case is listed today.

Shri S.K. Saxena, Official Liquidator has submitted his Report being Report No. 148 of 2004.

It is, interalia, stated in the said Report that pursuant to the order dated 7.4.2004, the Tender Notice was advertised in the Newspapers mentioned in the said order dated 7.4.2004. Photocopy of the relevant extracts of the Newspapers have been filed as Annexure-II to the said Report.

It is, interalia, further stated in the said Report that the inspection was allowed on 17th and 18th June, 2004 from 10.00 a.m. to 5.00 p.m. at the site. Copies of the inspection sheets have been filed as Annexure-IV (collectively) to the said Report.

A perusal of the inspection sheet dated 17.6.2004 shows that three persons inspected the land and building of the Company (in liquidation) at the factory site. A perusal of the inspection sheet dated 18.6.2004 shows that four persons inspected the land and building of the Company (in liquidation) at the factory site.

It appears that none of the Secured Creditors sent its representatives to the factory site at the time of inspection on 17.6.2004  and 18.6.2004 despite the directions having been given in this regard in the said order dated 7.4.2004.

It is, interalia, further stated in the said Report that in response to the said advertisement , two tenders have been received  in the office of the Official Liquidator .

The said tenders have been opened before me in the presence of the bidders, Shri S.K. Saxena, Official Liquidator, Shri O.P. Misra, learned counsel for ICICI and IFCI, Shri G.S. Tripathi, Assistant  Manager, IFCI and Shri L.D. Motwani, Chief Managar, Punjab National Bank, New Delhi. None is present for PICUP and UTI, which are also the Secured Creditors of the Company (in liquidation).

The details of the aforesaid two tenders, submitted by the bidders in respect of the land and building of the Company (in liquidation), are as follows:

1. Premier Polyplast and Processors Ltd., New Delhi ............

Rs. 75.51 lacs (for land and building).

2. Atma Ram  Promoters Private Limited, Delhi.....................

Rs. 35 lacs (for land and building).

The aforesaid bidders have been given opportunity to enhance their respective bids.

Atma Ram  Promoters Private Limited has enhanced its bid to Rs. 93 lacs.

Premier Polyplast and Processors Ltd has enhanced its bid to Rs. 88 lacs.

Shri B. Pathak, Manager, Premier Polyplast and Processors Ltd. prays that the matter for consideration of the bids be adjourned to 4.8.2004, as Premier Polyplast and Processors Ltd may enhance its bid further on the said date.

Shri Sanjay Goel, Director, Atma Ram  Promoters Private Limited also prays that the consideration of the bids be adjourned to 4.8.2004, as Atma Ram  Promoters Private Limited may also enhance its bid further.

Having regard to the fact that there are only two bidders and both of them have prayed for adjournment of the consideration of the bids to 4.8.2004 so that they may enhance their respective bids further, I am of the opinion that it will be appropriate to adjourn further consideration of the aforesaid bids to 4.8.2004.

Accordingly, this case is directed to be listed in Chambers on 4.8.2004 for further consideration of the aforesaid bids submitted by Premier Polyplast and Processors Ltd. and Atma Ram Promoters Private Limited.

The earnest money submitted by the aforesaid two bidders will be retained by the Official Liquidator.

Learned counsel/representatives of the Secured Creditors will also be present on the said date, i.e., 4.8.2004.

Dt. 28.7.2004

MS


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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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