High Court of Judicature at Allahabad
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B.I.F.R. v. M/S Vijai Shree Chemicals (I) Ltd. - MISC. COMPANY APPLICATION No. 2 of 2001  RD-AH 16951 (27 September 2006)
MISC. COMPANY APPLCIATION NO. 2 OF 2001
In the matter of
M/s Vijayshree Chemicals Limited (In Liquidation)
Hon'ble Sunil Ambwani, J.
On 6.9.2006, while keeping the highest bid of M/s Coronet Buildcon Pvt Ltd, 7 Raj Block, Naveen Shahdara, Delhi of Rs. 85 lacs open for 30 days as against the valuation of land and building of Rs. 1,39,04,000/- vide the third valuation carried out by the Official Liquidator through S.B. Bhargava, the matter was fixed today for views of the secured creditors.
Present Shri Rajnath N. Shukla for Official Liquidator; Shri S.K. Saxena, Official Liquidator, Shri Om Prakash Misra for IFCI, Kotak Mahindra and IREDA; Shri Manish Misra for Bank of Baroda; Shri Anirudh Sharma holding brief of Shri Anjani Kumar Misra for IDBI and officers of PICUP and IFCI. The IIBI is not represented.
Shri Anirudh Sharma holding brief of Shri Anjani Kumar Misra appearing for IDBI prays for three week's time to make re-valuation of the assets. Shri Om Prakash Misra states that IFCI has carried out a valuation from M/s Hardicon Ltd in 2006 on which the land and building was valued at Rs. 1, 59, 94,000/- as realisable value and Rs. 1, 26, 04,000/- as distress sale value.
Shri Sanjeev Kumar Saxena representing Shivaj Departmental Store Pvt. Ltd has filed an application today making an offer of Rs. 95 lacs, which was raised upto Rs. 1 crore. The earnest money is in the name of Registrar General of the High Court. Let the earnest money be deposited in the name of Official Liquidator. The necessary transfer shall be made and deposit be made within ten days. The offer shall be treated to be valid on the deposit of earnest money. M/s Coronet Buildcon Pvt Ltd 7 Raj Block, Naveen Shahdara, Delhi proposes to make their offer valid upto 18.10.2006. Shri V.K. Tyagi, representing through Shri Vimlendra Tripathi and Shri Bhasker Mal, has deposited the earnest money of Rs. 14.7 Lacs with the Official Liquidator. He has raised his offer to Rs. 90 lacs. He also proposes to keep his offer valid for two months.
Let the IDBI carry out re-valuation within next three weeks. The matter shall come up again on 18.10.2006.
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