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Official vs The

High Court Of Gujarat|29 October, 2010


1. Heard learned advocate Mr. J.S. Yadav for Official Liquidator. The Official Liquidator is permitted to open the sealed cover containing valuation report.
2. Taking into consideration the valuation report by Om Consulting Engineer, Government Approved Valuer, appointed by State Bank of India, which sets out freehold land to be of market rate at Rs.2,13,24,659/-, upset prices if fixed at Rs.2.50 crores and EMD is fixed at 10%. So far as Lease Hold Land from Government, which is valued at market price at Rs.20,41,65,570/-, upset price is fixed at Rs.21 Crore and EMD is fixed at 10%.
3. Item No.'C' consists 'Free Hold Land Rented to Ms. Jagdish Oil Mills'. The area is 20529.0353 Sq. Mtrs. It is valued at Rs.5,13,22,588/- as rented premises. So far as the very land is concerned, it is valued at Rs.7,18,51,623/- as 'freehold land without leasehold rights' and third is valued at Rs.3,07,93,552/- as 'freehold land with leasehold rights'. Respective upset prices are fixed at Rs.5.50 crores, Rs.7.50 crores and Rs.3.25 crores. Sale of the said properties may be advertised with the aforesaid qualification, meaning thereby freehold land rented to M/s. Jagdish Oil Mills (rented premises) and other two premises, i.e. 'freehold land without leasehold right' and 'freehold land with leasehold right'. EMD is fixed at 10%.
4. The Official Liquidator is directed to invite offers for purchase of the company by publishing advertisement in 'The Times of India' (Ahmedabad Edition), 'Gujarat Samachar' (Ahmedabad and Rajkot Edition) and 'Divya Bhaskar' (Ahmedabad Edition).
5. The Official Liquidator Report is disposed of.
(RAVI R.TRIPATHI, J.) omkar Top
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Official vs The


High Court Of Gujarat

29 October, 2010