Official Liquidator Of Patheja Forgings And Auto Parts Manufacturers Ltd. (In Liquidation) v. B.I.F.R (Petitioner)

62-OLR-76-2024.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR'S REPORT NO. 76 OF 2024 IN COMPANY PETITION NO. 108 OF 2008

IN THE MATTER OF THE COMPANIES ACT,

I OF 1956 AND

IN THE MATTER OF PATHEJA FORGINGS

AND AUTO PARTS MANUFACTURERS LTD.

(IN LIQUIDATION) B. I. F. R.

)...PETITIONER Mr.Ranjeev Carvalho, Advocate for the Official Liquidator. Mr.Chandan Kumar, Official Liquidator, present in Court.

CORAM

:

ABHAY AHUJA, J.

DATE :

20th JUNE 2024 P.C. :

1.

Mr.Carvalho, learned Counsel, appears for the Official Liquidator in this matter and submits that the successful H1 bidder has failed to ARTI VILAS KHATATE deposit the balance of the 25% of the bid amount making herself liable ARTI VILAS KHATATE Date: 2024.06.21 14:58:55 +0530 for forfeiture of the Earnest Money Deposit (EMD) amount and for cancellation of sale in accordance with Clause (11) of the terms and conditions dated 14th February 2024. Learned Counsel also submits that H2 and H3 bidders are not interested, and therefore, this Court avk 1/2

62-OLR-76-2024.doc may consider returning their EMDs. With respect to the rest of the prayers, the learned Counsel submits that the Official Liquidator will submit a report seeking fresh directions.

2.

Having heard the learned Counsel and having considered the submissions, this Court is of the view that the Official Liquidator cancel the sale in favour of Jasmine Fazal Memon and the EMD amount of Rs.1.5 lakhs be forfeited in terms of Clause (11) of the terms and conditions dated 14th February 2024.

3.

As regards the H2 and H3 bidders are concerned, since they have not accepted the offer of the Official Liquidator, their EMDs be returned.

4.

The Official Liquidator's Report, accordingly, stands disposed. (ABHAY AHUJA, J.) avk 2/2