The Official Liquidator High Court Bombay v. Phoenix Alchemy Pvt. Ltd

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92. OLR 139-16.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORIGINAL ORDINARY CIVIL JURISDICTION OFFICIAL LIQUIDATOR REPORT NO.139 OF 2016 IN COMPANY PETITION NO.423 OF 2010 In the matter of Companies Act, 1 of 1956;

And In the matter of M/s Phoenix Alchemy Pvt.

Ltd. ( In Liqn.) .....

Mr. Vinod Sharma, Official Liquidator.

Mr. Mahendhar Aithe, Company Prosecutor for Official Liquidator. Mr. Bhupesh Samant for Thane Bharat Sahakari Bank Ltd. Mr. Nikhil Rajani i/b V. Deshpande & Co., for IARC, Secured Creditor. .....

CORAM : S.C.GUPTE, J.

DATE : 2 DECEMBER 2016.

P.C. :

.

This OLR seeks directions of the Court towards sale of an immovable asset of the company (in Liqn.). The asset consists of a flat at 1-Neel Tarang, Veer Savarkar Road, Cadel Road, Near Hinduja Hospital, Mahim, Mumbai-400 016. The flat was initially valued by a valuer appointed by M/s Thane Bharat Sahakari Bank Limited, who is a secured creditor of the company (in Liqn.). Specifically, in pursuance of the directions passed by this Court, a fresh valuation report is obtained by the Official Liquidator from a valuer on the valuers' panel maintained by him. Today, when the matter is called out for appropriate directions on the OLR, an offer is submitted by M/s Thane Bharat Sahakari Bank Limited received by them from a party, one Mr. Anup Shah. Based on these documents, a reserve

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92. OLR 139-16.doc price of Rs.4.3 Crores is fixed. M/s Admire Publicity Pvt. Ltd., accordingly, advertise the subject property for public sale inviting offers from the public. The EMD shall be fixed at 25% of the offer price. As far as area of the flat is concerned, the same may be fixed in accordance with the report of valuer M/s. Shetgiri & Associates.

Accordingly, the OLR is allowed in prayers (a), (b), (c) and (d). As and when the public notice for sale is issued, a special notice of such sale be given to Mr. Anup Shah, at 8, Sangam Building, Gopi Tank Road-5, Shivaji Park, Mumbai-18.

The Official Liquidator to ensure that the claim of M/s Thane Bharat Sahakari Bank Limited, submitted with the Liquidator, is adjudicated as expeditiously as possible and preferably within four weeks from today. (S.C.GUPTE, J.)