IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 6TH DAY OF FEBRUARY, 2019 BEFORE THE HON’BLE MRS.JUSTICE S.SUJATHA COMPANY APPLICATION No.4/2019 IN COMPANY PETITION No.9/2010 BETWEEN :
M/s R.R. ENGINEERING COMPANY A PARTNERSHIP FIRM HAVING ITS REGISTERED OFFICE AT UNIT B-3, AUTONAGAR, VISHAKAPATNAM-530012 ANDHRA PRADESH AND BRANCH OFFICE AT # 20, SANKEY ROAD, UNIWORTH PLAZA, BENGALURU-560020 REP. HEREIN BY ITS MANAGING PARTNER, SRI Y.SRINIVAS S/O LATE Y.V.R.RAO. ...APPLICANT (BY SRI DEEPAK, ADV.) AND :
THE OFFICIAL LIQUIDATOR OF M/s SHAKAMBARI FASHIONS PVT. LTD., (IN LIQN), ATTACHED TO THE HIGH COURT OF KARNATAKA, 12TH FLOOR, RAHEJA TOWERS, M.G.ROAD, CORPORATE BHAVAN, BENGALURU-560061 …RESPONDENT (BY SMT.REVATHI ADINATH NARDE, ADV.) THIS COMPANY APPLICATION IS FILED UNDER RULE 164 R/W SECTIONS 6 & 9 OF THE COMPANIES ACT, 1959, PRAYING TO ALLOW THIS APPLICATION AND EXTEND THE TIME BY 15 (FIFTEEN) DAYS SO AS TO ENABLE THE APPLICANT TO PAY THE BALANCE SALE CONSIDERATION OF RS.18,55,00,000/- (RUPEES EIGHTEEN CRORES AND FIFTY-FIVE LAKHS ONLY) AND CONFIRM THE SALE IN ITS FAVOUR, AND ETC., THIS APPLICATION COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R The respondent company was ordered to be wound up by this Court, by order dated 04.12.2012 in COP.No.9/2010 and Official Liquidator came to be appointed as the liquidator of the company. The Official Liquidator was permitted to sell the plot No.30-B, formed in Sy.Nos.36, 37, 40, 41 Dasarahalli Khata No.33, situated at 2nd Phase Peenya Industrial Estate, Peenya, Bengaluru-560058, measuring 4045 square meters along with all the building and structures standing thereon, in terms of the order dated 07.02.2018. Pursuant to which the Official Liquidator issued a tender sale notice inviting prospective bids for the said Plot No.30-B strictly on ‘as is where is and whatever there is’ basis.
2. The applicant herein had participated in the auction proceedings and is the successful bidder, the amount being Rs.20,25,00,000/- [Rupees Twenty Crores and Twenty Five Lakhs only], the same was accepted by this Court as per the order dated 15.12.2018.
3. This application is filed by the applicant/successful bidder, seeking extension of time to make the balance sale consideration of Rs.18,55,00,000/- [Rupees Eighteen Crores and Fifty Five Lakhs only] in view of the order dated 15.12.2018, whereby this Court provided opportunity to the applicant to make appropriate application to seek the additional 15 days to make payment, considering the EMD amount of Rs.1,70,00,000/- [Rupees One Crore Seventy Lakhs only] deposited by the applicant. To show the bonafides, the applicant has handed over the demand draft dated 25.01.2019 drawn on Indian Bank, Service Branch, Bangalore, for a sum of Rs.2,00,55,000/- [Rupees Two Crores and Fifty Five Lakhs only] on 25.01.2019 to the official liquidator and sought further time to deposit the balance amount of Rs.16,00,00,000/- [Rupees Sixteen Crores only]. An undertaking was given by the applicant before this Court that the balance amount be paid on or before 31.01.2019.
4. Learned counsel appearing for the official liquidator has filed a memo which depicts the details of payments made by the applicant/successful bidder and the same reads as under:
3. The details of payments so far made by the applicant is as below:
Total amount received 20,25,00,000/-
5. In view of the successful bid amount of Rs.20,25,00,000/- [Rupees Twenty Crores and Twenty Five Lakhs] paid by the applicant to the official liquidator as aforesaid, the sale of the subject property requires to be confirmed in favour of the applicant. Accordingly, the official liquidator shall confirm the sale in favour of the applicant and shall put the applicant in possession of the property purchased by the applicant.
In the result, the Company Application stands disposed of accordingly.
Sd/- JUDGE NC.