IN THE HIGH COURT OF GUJARAT AT AHMEDABAD O.J.APPEAL No. 87 of 2009 In COMPANY APPLICATION No. 559 of 2007 In COMPANY APPLICATION No. 413 of 2007 For Approval and Signature:
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE N.V. ANJARIA ========================================================= 1 Whether Reporters of Local Papers may be allowed to see the judgment ?
2 To be referred to the Reporter or not ?
3 Whether their Lordships wish to see the fair copy of the judgment ?
4 Whether this case involves a substantial question of law as to the interpretation of the constitution of India, 1950 or any order made thereunder ?
5 Whether it is to be circulated to the civil judge ?
========================================================= DENA BANK - Appellant(s) Versus O L OF MAYO HOSPITALS LIMITED (IN LIQUIDATION) & 4 -
Opponent(s) ========================================================= Appearance :
MR SS PANESAR for Appellant(s) : 1, MR.HIREN M MODI for Opponent(s) : 1, NOTICE SERVED for Opponent(s) : 2,4 - 5. MR BH BHAGAT for Opponent(s) : 3, ========================================================= CORAM : HONOURABLE MR.JUSTICE RAVI R.TRIPATHI and HONOURABLE MR.JUSTICE N.V. ANJARIA Date : 08/11/2012
ORAL JUDGMENT
(Per : HONOURABLE MR.JUSTICE RAVI R.TRIPATHI)
1. Heard the ld. Advocate Mr.Panesar for the appellant. The appellant DenaBank Limited is before this Court being aggrieved by judgment and order dated 22.07.2009 passed in Company Application No.559 of 2007 in Company Application No.413 of 2007 in Company Petition No.221/2001, whereby, the ld. Company Judge has directed the Dena Bank to refund the amount of Rs.25 lacs within a period of 2 weeks from the date of receipt of the order or intimation thereof by the Official Liquidator to Dena Bank.
2. Ld. Advocate Mr.Panesar invited attention of the Court to the fact that the Dena Bank had the first charge by way of hypothecation over medicines, consumable stores, medical instruments, accessories and receivables. Ld. Advocate Mr. Panesar also invited this Court's attention to report of one Mr. Mukesh ShahGovernment Approved Valuer dated 27.03.1999, wherein, number of items of movable property of the company in liquidation are referred to and the value is assessed to be Rs.7.50 Crores. Be that as it may, even in the sale notice, which is at page 25 to the petition, at (AnnexureD) the advertisement is for sale of assets in the matter of Mayo Hospitals Limited (in liquidation) Lot No.B is for sale of Plant and Machinery, Medical Equipment, Spares, Furniture and Utilities except records for its upset price fixed to be Rs.200 lacs. Ld. Advocate Mr. Panesar submitted that the appellant will have the first right to receive the sale proceeds of lot No.B.
3. Be that as it may, as the present appeal is only against the direction issued by the learned Judge to refund Rs.25 lacs, the same is quashed and set aside. At the request of Mr.Panesar, it is clarified that it will be open for the respondentDena Bank to take proceedings for establishing its right to receive the sale proceeds for lot No.B. Appeal is allowed to the aforesaid extent.
[RAVI R.TRIPATHI, J] [N.V. ANJARIA, J] Ankit*