Mr.Ca Mahalingam Suresh Kumar, Liquidator Of M/S.Lakshmi Apparels And Wovens Ltd v. The Official Liquidator, High Court Of Madras(Liquidator Of M/S.Vtx Industries Ltd)

Comp.A.No.283 of 2021 in C.A.No.443 of 2018 in C.P.No.151 of 2013 KRISHNAN RAMASAMY, J.

This Application has been filed seeking to direct the respondent to forthwith comply with the order of this Court dated 24.01.2020 in Comp.A.No.443 of 2018 in C.P.No.151 of 2013 to sell the movable assets lying in the premises of LAWL for sale, or in alternate, to forthwith remove / shift the said movables out of the said premises of the applicant. 2.This Court, vide order dated 24.01.2020, directed the learned Official Liquidator to bring the movable property lying in the premises of LAWL for sale and the amount realized form the sale, shall be disbursed among the creditors.

3.Learned Official Liquidator has filed a report dated 20.04.2023 stating that as per the valuation report dated 07.03.2023 provided by the valuer, the fair value of stocks is Rs.58,000/- and the liquidation value of stocks is Rs.46,000/-. Therefore, he requested this Court to fix appropriate upset price for the stocks lying in the premises.

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KRISHNAN RAMASAMY, J.

rst 4.Considering the submissions made by the learned Official Liquidator, this Court fix the upset price for the stocks at sum of Rs.46,000/- and accordingly, learned Official Liquidator is permitted to sell the said stocks by way of public auction within a period of four weeks time and file a report before this Court.

5.With the above directions, this Application is disposed of. 09.06.2023 rst Comp.A.No.283 of 2021 in C.A.No.443 of 2018 in C.P.No.151 of 2013 2/2 https://www.mhc.tn.gov.in/judis