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IN THE MATTER OF M/S SUNIL SALVEX (INDIA )LTD. versus M/S RAM SWARUP OIL & INDUSTRIAL LTD.

High Court of Judicature at Allahabad

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In The Matter Of M/S Sunil Salvex (India )Ltd. v. M/S Ram Swarup Oil & Industrial Ltd. - MISC. COMPANY APPLICATION No. 5 of 2000 [2006] RD-AH 7609 (12 April 2006)

 

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

Hon'ble Sunil Ambwani, J.

Shri Mehtab Singh Rawat Ex M.D of the Company (In Liq.)is present in person. He states that he had no knowledge that the Allahabad Bank had given consent for sale of plot No. 1088 which falls in the middle of the cluster of the plots of the Company.

Shri Mehtab Singh Rawat, however, states that part of godown falls on the portion of plot No. 1088 which belongs to him and disputes the fact that he had made  such declaration in the 'statement of affairs' that the godown belongs to the company.

Shri Rawat states that he has no objection to sale of plot No. 1088 and the godown. Let Shri Rawat give his no objection in writing to the Official Liquidator by tomorrow and file an affidavit to this effect on the next date.

Shri Rakesh Misra appearing for Allahabad Bank and Shri Anurag Khanna appearing for PICUP,  state that Shri Mehtab Singh Rawat, Ex M.D of the company had also given his personal guarantees for re-payment of dues of the company, which have not been paid.

Now since Shri Rawat has given his no objection, the matter can be easily resolved. Once the assets of the company are sold, which shall not be sold below the reserved price of Rs. 50 Lacs worked out on the basis of valuation, he may make his claim with regard to the proportionate value of the  constructions of the godown subject to any objection which may be made by the Bank and PICUP. The direction to the Official Liquidator to propose misfeasance proceedings is withdrawn.

Let the land and building including Plot No. 1088 and godown be advertised for sale by the Official Liquidator with reserve price of Rs. 50 Lacs and earnest money of Rs. 5 Lacs inviting bids. The inspections will be made  from 8.5.2006 to 9.5.2006 and the bids shall be invited and obtained on 17.5.2006 at 02.00 in chambers.

List on 17.5.2006.

Dt.12.4.2006   RKP/MCA-5-2000


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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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