1. The Official Liquidator has filed this Report seeking the following directions :
1.1 By order dated 13.02.2002 passed in Company Petition No.47/1992 with Company Petition No.291/1997 with Company Petition No.348/1999, the Company, that is, Gujarat Hi-Tech Industries Limited has been ordered to be wound up and the Official Liquidator attached to this Court has been appointed as a Liquidator of the Company (in liquidation). The Official Liquidator has taken possession of the assets of the Company. After following the procedure of sale, the Official Liquidator filed Report No.168/2007 before this Court, seeking permission to confirm the sale of the entire assets of the Company (in liquidation) in favour of Shri Ankur Biharilal and others for a purchase consideration of Rs.3.51 Crores, on the terms and conditions specified. By order dated 25.07.2007, passed by this Court in OLR No.168/2007, the Court rejected the offer of Shri Ankur Biharilal, since it was much lower in comparison to the valuation. The said order has been produced on record.
1.2 By the said order, the Official Liquidator was permitted to return the EMD received from the other bidders. It is stated that the Official Liquidator had forwarded Cheque No.382817 dated 13.08.2007 for Rs.1.15 Crores drawn in favour of Shri Ankur Biharilal at the address available at the Office of the Official Liquidator, vide a letter dated 18.10.2007, towards refund of EMD, as the High Court had rejected the offer. Though the said letter was forwarded by Speed Post, it was returned by the Postal Department with the remark "Address not known". After completion of six months, the Official Liquidator cancelled the said cheque. It is stated that during the auction proceedings before this Court on 02.03.2012, the learned advocate for Shri Ankur Biharilal had submitted that in the year 2008, his client had already made an offer for Lot No.1 and the said offer, according to the instructions from his client, is still alive. In response to this submission, this Court observed, in order dated 02.03.2012, passed in OLR No.31/2012, that since the offer received in response to the advertisement published on 04.02.2012 for Lot No.1 stands disqualified, the process, as regards the property described in Lot No.1 is required to be restarted.
1.3 It is stated that the Official Liquidator has sent a letter and email dated 07.03.2012 to Shri Ankur Biharilal, requesting him to provide his Bank details, so that the Official Liquidator could refund the EMD lying with its office. In response thereto, Shri Ankur Biharilal sent an email dated 09.03.2012 and a letter dated 15.03.2012 to the Official Liquidator giving his Bank details. By communication dated 22.03.2012, the Official Liquidator informed Shri Ankur Biharilal regarding the submission of his Advocate that the earlier offer for Lot No.1 being alive, and requested him to intimate the Office of the Official Liquidator whether he would still like to keep this offer alive against the EMD, or whether he would like to withdraw the offer and request for the EMD.
1.4 In response thereto, Shri Ankur Biharilal sent another email dated 25.03.2012 to the Official Liquidator informing that he is no longer interested in any individual bid and requested for refund of the EMD.
1.5 In the above circumstances, the Official Liquidator has prayed for directions to permit him to return the EMD of Rs.1.15 Crores to Shri Ankur Biharilal.
2. Heard Mr.J.S.Yadav, learned advocate for the Official Liquidator. He has submitted that the Official Liquidator has further asked Shri Ankur Biharilal to furnish an Indemnity Bond vide letter dated 18.04.2012, which has been sent by Shri Ankur Biharilal on 19.04.2012 along with Notarized Photo Identification proof to the Office of the Official Liquidator, therefore, permission may be granted to refund the EMD.
3. Having heard the learned advocate for the Official Liquidator and upon perusal of the Report, as the Court has rejected the offer of Shri Ankur Biharilal, as it was much lesser than the valuation; as Shri Ankur Biharilal has expressed that he is not desirous of keeping alive the offer for Lot No.1 and has requested for refund of the EMD; and as the EMDs of other bidders have already been returned, the following order is passed :
The Official Liquidator is permitted to refund the EMD of Rs.1.15 Crores to Shri Ankur Biharilal from the accounts of the Company (in liquidation) available with the Official Liquidator through RTGS/NEFT mode.
The Report is disposed of, accordingly.
(Smt.
Abhilasha Kumari, J.) Gaurav+ Top