Official Liquidator Of Elder Pharmaceuticals Ltd. (In Liquidation) v. Puspasen C. Jhaveri
Digitally signed by MEERA MAHESH JADHAV Date:
2025.12.09 10:24:43 +0530 1/2 14-OLR-141-2025 (OS).doc MEERA MAHESH JADHAV
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION OFFICIAL LIQUIDATOR REPORT NO. 141 OF 2025 IN COMPANY PETITION NO. 488 OF 2015 In the matter of Companies Act I of And In the matter of Elder Pharmaceuticals Ltd. (In Liquidation).
Puspasen C. Jhaveri
...Petitioner
----- Ms Akanksha Agrawal for Official Liquidator.
Mr. Satyajit Roul Official Liquidator present. Mr. Chetan Shelke, Deputy Official Liquidator present. ----- CORAM : ARIF S. DOCTOR, J.
th DECEMBER, 2025.
DATE : 5 P.C:
The captioned Official Liquidator Report seeks the following substantive directions:
a) In view of submission made in paragraph (9) of the present report, whether this Hon'ble Court would be pleased to confirm the Highest Bid of Rs.6,70,00,000/- (Rupees Six Crores Seventy Lakhs Only) for immovable assets of the Company (In Liquidation) situated at Plot No.D-219/1, MIDC, Trans Thane Creak Industrial Area, Belapur Road, Shirwane. Dist. Thane, Maharashtra in favour of one "Emperia Lifespace" and further whether this Hon'ble Court would be pleased Meera Jadhav
2/2 14-OLR-141-2025 (OS).doc to permit the Official Liquidator to handover the possession of the said immovable assets of the Company (In Liquidation) to successful bidder after receiving the full sale consideration from the successful bidder;
Heard Ms Agrawal learned counsel for the Official Liquidator, who pointed out that this is a second attempt made for sale of the immovable property of the company in liquidation, more particularly the land situated on Plot No.D-219/1, MIDC Trans Thane Creak Industrial Area, Belapur Road, Shirwane Dist. Thane, Maharashtra.
Ms Agarwal points out that 4 prospective bidders have bid for the same. The reserved price fixed is Rs.4,50,00,000/- and the highest bid was of an amount of Rs.6,70,00,000/- which is received from one Emperia Lifespace. Ms Agarwal thus submits that today the bid from Emperia Lifespace can be accepted since the same is in excess of the reserve price, Having due regard to the submissions made the Official Liquidator Report is therefore, allowed in terms of prayer clause (a) which is reproduced above.
The Official Liquidator Report is accordingly disposed of. [ARIF S. DOCTOR, J.] Meera Jadhav