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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 442 (4 August 2004)

 

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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 28.7.2004, the case is listed today. S/Shri Pankaj Bhatia and Neeraj Pandey, learned counsel for Premier Polyplast and Processors Ltd. as well as Shri B. Pathak, Manager, Premier Polyplast and Processors Ltd. are present.

Shri Sanjay Goel, Director, Atma Ram  Promoters Private Limited,is also present.

Shri S.K. Saxena, Official Liquidator, Shri Kunal Ravi Singh holding brief for Shri O.P.Misra, learned counsel for ICICI and IFCI, Shri G.S. Tripathi, Assistant Managar, IFCI and Shri K.L. Makkar, Senior Managar, Punjab National Bank are also present.

As mentioned in the said order dated 28.7.2004,the said two bidders, namely, Premier Polyplast and Processors Ltd.  and Atma Ram  Promoters Private Limited had sought adjournment of the consideration of the bids to 4.8.2004 (i.e., today) so that they could enhance their respective bids further. Accordingly, the case was directed to be listed in Chambers today (i.e.,on 4.8.2004) for further consideration of the bids submitted by the said two bidders.

Accordingly, today, the said two bidders have been given opportunity to enhance their respective bids further.

Premier Polyplast and Processors Ltd. has enhanced its bid to Rs. 1,27,50,000/- for land and building, and has declined to enhance its bid further.

Atma Ram  Promoters Private Limited has enhanced its bid to Rs. 1,28,00,000/- for land and building , and has declined to enhance its bid further.

Thus, the highest bid, after enhancement, is that of Atma Ram  Promoters Private Limited, namely, Rs. 1,28,00,000/-.

Shri Kunal Ravi Singh holding brief for Shri O.P. Misra, learned counsel for ICICI and IFCI prays that two weeks' time may be granted to obtain instructions from the said Secured Creditors regarding their stand in regard to the said highest bid of Rs. 1,28,00,000/- for land and building.

Shri K.L. Makkar, Senior Managar, Punjab National Bank, Assets Recovery Management Branch, Rajendra Place, New Delhi also prays for time to obtain instructions regarding the stand of Punjab National Bank in respect of the aforesaid bid.

Shri Jayant Verma, Managar (Law) and Shri Ajai Kumar, Managar (Technical), PICUP state that PICUP, though a Secured Creditor, has minor stakes in comparison to the other Secured Creditors of the Company (in liquidation), and as such, PICUP would abide by the stand, which may be taken  by the other Secured Creditors in respect of the aforesaid bid.

As the case is being adjourned on the request of the representatives of the Secured Creditors to enable them to get instructions regarding the stand of the Secured Creditors in respect of the aforesaid bid of Rs. 1,28,00,000/-, the earnest money submitted by Atma Ram  Promoters Private Limited will be retained by the Official Liquidator.

Shri Pankaj Bhatia, learned counsel for  Premier Polyplast and Processors Ltd. states that as the stand of the Secured Creditors is yet to come on the record, the earnest money submitted by the said Premier Polyplast and Processors Ltd. be also not returned.

List in chambers on 25.8.2004.

Dt.4.8.2004

MS


Copyright

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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