The Company, M/s Vijayshree Chemicals India Limited, has been directed to be wound up by this Court vide order dated 18.2.2002. The sale of the immovable assets (free hold land measuring 35.44 acres of village Bathen Khurd, 25.44 acres of village Bathen Kalan, and 10 acres, building double story, RCC roof, building of security check and Watchman RCC slab, staff rooms, staff quarters, Hall building, Turbine Building, Chimney, boundary wall etc.) of the said Company was advertised in the newspapers under the orders of the Court by the Official Liquidator. M/s Intec Management Private Limited participated in the bid and had offered a bid of Rs.3.4 crores which was accepted by this Court vide order dated 13.12.2006 being the highest bid.
In paragraph-5 of the Official Liquidator's Report No. 125 (JUD) of 2010, it is stated that out of the aforesaid land sold, the land near about 15.44 acres belongs to the Company M/s. Vijay Shree Capital and Finance Limited an independent Company.
Sri Subham Agrawal, Advocate appears along with Official Liquidator states that the land belonging to M/s Vijay Shree Capital and Finance Limited has been inadvertently sold and the sale deed in respect of the said land cannot be executed in favour of the auction purchaser. However, the sale deed for the balance land and building can be executed in favour of auction purchaser after deducting the value of 15.44 acres land belonging to M/s Vijay Shree Capital and Finance Limited. This offer of the Official Liquidator has been placed before Sri D.K. Singh, Advocate in presence of Dr. K.C. Mittal, the representative of auction purchaser. Sri D.K. Singh submitted that his client is not ready to purchase the balance properties and the amount may be refunded along with interest.
Sri Shubham Agrawal, Advocate and Sri U.S. Patole, Official Liquidator, state that the amount can be refunded to the auction purchaser along with interest accrued on the amount paid by the auction purchaser, which has been deposited in the Bank.
Sri D.K. Singh further submitted that for the late deposit of the instalments in pursuance of the order of this Court dated 28.3.2007, the auction purchaser has paid 24% interest, therefore, the same may also be refunded.
In view of the aforesaid submissions and the agreement between the parties, the following directions are being issued:
(i) The entire sale consideration be refunded to the auction purchaser along with interest accrued on the deposit within a period of two weeks by account payee cheque in the name of M/s. Intec Management Private Limited. The penal interest paid @24% may also be refunded along with accrued interest thereon within two weeks.
(ii) The auction held and accepted by this Court vide order dated 13.12.2006 stand cancelled.
(iii) The Official Liquidator is directed to proceed further for the sale of the properties belonging to the Company in liquidation at the earliest.
(iv) The Official Liquidator is directed to give fresh report about the availability of the fund and the settlement of the claim.
(v) The appeals filed against the rejection order by the various persons may also be considered after fresh report being submitted by the Official Liquidator.
Order Date :- 23.2.2011 OP