1. By way of this summons, applicant-Pusti Enterprises Private Limited, now known as Reliance Progressive Traders Pvt. Limited, has prayed for the following reliefs:-
"1. To please allow the present application.
2. To please direct the Official Liquidator to refund the EMD, deposited vide order dated 12.09.2007, along with late entry fees to the tune of Rs.12,50,201=00 in view of the subsequent directions issued by this Hon'ble Court to the Official Liquidator vide order dated 23.07.2009 in Company Application No.538 of 2008.
3. Be pleased to grant any other and further relief/s, which may be deemed, fit, just and proper for the interest of justice."
2. At the outset, Mr.Sachin D. Vasavada, learned counsel appearing for the applicant, on instructions from the authorised officer of the Company, makes a statement that the applicant forgo the prayer as far as late entry fees is concerned and restrict this summons only for the prayer for refund of the EMD deposited vide order dated 12.09.2007.
3. It transpires from the record that in the proceedings of Company Petition No.130 of 1995, relating to M/s.Patel Mills Limited (in liquidation), the applicant was permitted to participate in the auction bid by this Court (Coram: Jayant Patel, J.). It appears that the applicant submitted its offer to the tune of Rs.1,75,00,000/- for Lot No.II i.e. for the land of Shital Theater admeasuring 4012 sq.Mtr. situated adjacent to the main factory premises of the company in liquidation-M/s.Patel Mills Limited. As averred in the application, in pursuance to the same, the applicant-Company deposited earnest money of Rs.12 lacs and also deposited amount of Rs.50,301/- towards late entry fees by cheques dated 21.08.2007 and 12.09.2007.
4. It further appears from the record that this Court conducted auction sale of the Lot No.I under the impression that the said land is free hold land and as offer of the applicant-Company was highest, this Court confirmed the auction sale in favour of the applicant-Company. It also transpires that the said decision was challenged before the Division Bench of this Court and by consent, as far as the sale in favour of the present applicant for Lot No.I is concerned, was confirmed.
5. However, it appears that Lot No.II for which the applicant-Company has deposited the earnest money as well as late entry fees, is not decided yet. As per the statement made in the present application, the applicant is no more desirous to participate in the auction sale of Lot No.II and hence, prayed for refund of the amount of EMD as well as late entry fees.
6. In response to the notice issued by this Court, the Official Liquidator has filed report. Ms.Yajnik, learned counsel appearing for the Official Liquidator submitted that the Official Liquidator has no objection if the amount of EMD to the tune of Rs.12 lacs is refunded which is paid by the applicant-Company as aforesaid for participating in the auction for the sale of Lot No.II. Ms.Yajnik, learned counsel however, submitted that late entry fees, in no case, can be refunded.
7. Considering the averments made in the application and the submissions made by learned counsel Ms.Yajnik and, more particularly, considering the fact that the applicant is no more desirous to participate in the auction and offered for Lot No.II of the properties of the company under liquidation-M/s.Patel Mills Limited and considering the report filed by the Official Liquidator, the application deserves to be accepted.
8. The Official Liquidator is directed to refund the amount of Rs.12 lacs (Rupees Twelve Lacs only) deposited by the applicant as EMD as per order dated 12.09.2007 passed in Company Application No.383 of 2007 (Annexure-'B'). Mr.Vasavada, learned counsel appearing for the applicant submits that applicant-Company i.e. Pusti Enterprises Private Limited is now known as Reliance Progressive Traders Pvt. Limited and, therefore, the refund may be paid to the applicant in the name of Reliance Progressive Traders Pvt. Limited. Though, it appears that all throughout in the proceedings before this Court, Pusti Enterprises Private Limited has raised its claim to bid in the auction of the said company and has deposited amount of EMD, the amount of refund may be given in the name of Reliance Progressive Traders Pvt. Limited, as requested by learned counsel Mr.Vasavada, after proper verification and on certificate being submitted by the present applicant-Pusti Enterprises Private Limited before the Official Liquidator. The said exercise is directed to be carried out within a period of 4 weeks.
9. With the above observations, the application stands disposed of.
(R.M.CHHAYA, J.) Hitesh Top