Official Liquidator v. M/S. Suvikas Alloys And Steel Pvt. Ltd.Cin No. U27105mh2004ptc144557

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY AND ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR'S REPORT NO.150 OF 2019 In the matter of Companies Act, 1 of 1956 And In the matter of Suvikas Alloys and Steel Pvt. Ltd. (In Liquidation) Kanayalal C. Makhija ....Petitioner ---- Mr. Mahendhar Aithe, Company Prosecutor for Official Liquidator present. Mr. Vikram Unadkar, bidder present.

Mr. Abram Khan for R.B.N. Steel, bidder present. ---- CORAM : K.R.SHRIRAM, J.

DATE : 14th JUNE 2019 P.C.:

There are 26 offers that the Liquidator has received only for movable and not a single offer has been received for immovable because the reserve price was indicated at Rs.1 lakh. All bidders have offered only Rs.1 lakh. One Vikram Unadkar and representative of R.B.N. Steel are present in Court. The representative of R.B.N. Steel has offered Rs.1,25,000/-, which he later increases to Rs.1,75,000/-. The representative of R.B.N. Steel states that it will take minimum one week for them to also remove the movable from the premises of the company (in liquidation). Mr. Aithe states, and I agree with him, that if a representative of the Liquidator is to be kept present for 7 days plus travel time and travel Gauri Gaekwad

2/2 12.OLR-150-2019.doc expenses, the same will be far in excess of Rs.1,75,000/- which R.B.N. Steel is offering. Mr. Aithe recommends that the offer be rejected. I agree with Mr. Aithe. The offer of Rs.1,75,000/- from R.B.N. Steel is rejected. The movable will be sold only alongwith the immovable and no separate sale will be entertained anymore. Therefore, Official Liquidator's Report is allowed and accordingly disposed in terms of prayer clause - (c). The notice to be given without indicating the reserved price.

(K.R. SHRIRAM, J.) Gauri Gaekwad