1. The Official Liquidator has filed this Report dated 12th September, 2011 seeking the following orders/ directions:
"(a) This Hon'ble Court may be pleased to ratify the action taken by the Official Liquidator in taking over symbolic possession of assets and properties of the Company (in Provn. Liqn.) viz Regd. Office/ Factory Premises Plot No.5621, Phase IV, GIDC, Vapi-396195.
(b) This Hon'ble Court may be pleased to direct the IDBI Bank to handover possession of all the assets of the Company (in Provn. Liqn.) to the Official Liquidator, since, the IDBI Bank has taken over possession of the assets of the company (in Provn. Liqn.) after the filing of winding up Petition, which is void to the Official Liquidator, under the provisions of the Section 536 (2) of the Companies Act, 1956, as stated para 7 hereinabove.
(C) That, this Hon'ble Court if grants prayer (b), then this Hon'ble Court may be pleased to constitute a Sale Committee under the Chairmanship of Official Liquidator, and Secured Creditors, Worker Union if any and manager GIDC, Industrial Area, Vapi, Gujarat are being members of the Sale Committee, if the IDBI has yet not proceeded for sale of assets of the Co. under SARFAESI Act.
(d) That, this Hon'ble Court may be pleased to direct IDBI to provide the copy of inventory & valuation if they have carried out and place the same on records of the Hon'ble Court and further the Official Liquidator may be permitted to engage a Govt. Approved Valuer for inventory-cum-valuation of the assets of the Co.
(e) That this Hon'ble Court may be pleased to direct the, IDBI to pay the cost of Advertisement and insisted expenses incurred by Official Liquidator by depositing Rs.30,000/- with or subject to reimbursement out of sale confirmation.
(f) Such other and further directions as this Hon'ble Court may deem fit and proper after hearing all concerned, may also be passed.
2. By an order dated 20.06.2011 passed in Company Petition No.205 of 2007, M/s. Rema Paper And Boards Ltd. has been ordered to be wound up. The Official Liquidator attached to this Court has been appointed as the Provisional Liquidator of the Company (In Liquidation) with the directions to take into possession all its assets and properties.
3. It is stated in the Report that after the passing of the above mentioned order, the Official Liquidator has deputed his officials to ascertain the details in respect of the Company's ex-directors, registered office and assets and properties of the Company (In Liquidation) from the records maintained in the office of the Registrar of Companies.
4. Pursuant to the order dated 20.06.2011 passed by this Court in Company Petition No.205 of 2007, Advertisements were issued in the daily newspaper "Gujarat Mitra" (Vernacular, Surat Edition), and "Indian Express" (English, Vadodara Edition), on 29.07.2011.
5. The winding up petition of the Company (in liquidation) was registered on 06.11.2007. The Industrial Development Bank of India has taken over the possession of the assets of the Company (In Liquidation) situated at Plot No.5621 in the Vapi Industrial Area of GIDC consisting of Revenue Survey No.390/P, within the village limit of Dungra, Taluka: Pardi, District: Valsad, Gujarat, admeasuring 6219 sq. mtrs. on 08.09.2009 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
6. Heard Mr. J.S. Yadav, learned advocate for the Official Liquidator and perused the Report filed on its behalf.
7. Mr.
B.H. Bhagat, learned advocate states that he has filed the Vakalatnama on behalf of respondent No.2- Stressed Assets Stabilization Fund, in the Registry of this Court today. Respondent No.2 is a secured creditor as are respondent Nos.1, 3, 4 and 5
8. Respondent Nos.1 and 2 are the lead secured creditors as per the record of the Registrar of Companies.
9. Insofar as the prayers made at paragraph 7(a) to 7(d) are concerned, no objections have been raised to the grant of the same, by the respondents.
10. Insofar as the prayer at paragraph No.7(e) is concerned, learned advocate for respondent No.2 has submitted that grant of this prayer can be deferred as the Official Liquidator can claim these expenses at a later stage, as respondent No.2 has already incurred expenses of Rs.22,42,672/-.
11. Mr.
J.S. Yadav, learned advocate for the Official Liquidator, submits that he may be permitted to raise the prayer at paragraph 7(e) for costs of Advertisement and incidental expenses incurred by the Official Liquidator amounting to Rs.30,000/-, at a later point of time.
12. In view of the above and the fact that the secured creditors do not have any objections to the grant of the prayers made at paragraph 7(a) to 7(d), the following order is passed:
(a) The action of the Official Liquidator for taking over symbolic possession of the assets and properties of the Company (In Liquidation), is ratified.
(b) The Industrial Development Bank of India and respondent No.2 shall hand over the possession of all the assets of the Company (In Liquidation) at a date notified by the Official Liquidator.
(c) A Sale Committee, as stated in paragraph 7(c), is directed to be constituted.
(d) The Industrial Development Bank of India shall provide a copy of the inventory and valuation, if carried out, to the Official Liquidator. If the same has not been done, the Official Liquidator is directed to engage a Government Approved Valuer for preparation of the inventory-cum-valuation of the assets of the Company (In Liquidation).
(e) The Official Liquidator is permitted to make a prayer for the costs of the Advertisement and incidental expenses at a later stage.
13. The Report of the Official Liquidator is disposed of, accordingly.
(Smt. Abhilasha Kumari, J.) PIYUSH Top