The Official Liquidator High Court Bombay v. Lloyds Finance Ltd.

YBG

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR'S REPORT NO.61 OF 2018 In the matter of Companies Act, I of 1956;

and In the matter of Lloyds Finance Ltd. (In liquidation) Shri BasantLal Agarwal ..

Petitioner Mr. P. Atchuta Ramaiah, O.L. and Mr. Mahendhar Aithe, Company Prosecutor for O.L. present.

Mr. U.M.Zaveri for GSFC

CORAM

:

K.R.SHRIRAM, J.

DATE :

27th June 2018.

P.C.

Considered the report. The Official Liquidator states that he has received valuation from Mr. Pranav Parikh in a sealed envelope and the same is not opened. The envelope containing the valuation report shall not be opened without leave of this Court. 2] As the experience of this Court is, once the valuation is disclosed, prospective buyers form a cartel and the court never receives the reserved price. Therefore, the Liquidator to invite

YBG offers without disclosing the reserve price and permit the parties to take inspection and arrive at their valuation and submit a valuation report based thereon. E.M.D. to be given will be 25% of the value offered. Liquidator's Report is allowed in terms of prayer clauses (b) and (c) (K.R.SHRIRAM, J.)