1. The applicant has filed this application for following prayers:-
A) Be pleased to revise the upset price which has been fixed by this Hon'ble Court from Rs.5.10 crores to Rs.4.10 crores and also revise the EMD from Rs.51 lacs to Rs.41 lacs in view of the Report submitted by the respondent.
B) Be pleased to direct the respondent for giving the fresh advertisement in the following Newspapers.
I) Advertise in the local Evening Newspaper of Rajkot.
(II) Any other Gujarati Newspaper daily in Rajkot (Ahmedabad Edition) and also in English Newspaper.
C) Be pleased to give necessary permission to the respondent for de-sealing and also for re-sealing the unit as and when public inspection is ordered for providing inspection to the intending purchaser.
2. Learned advocate Mr.J.R.Shah for the applicant does not press relief claimed in Para-A of the application at this stage and reserves his right to file appropriate proceedings if required after the fresh advertisements are published and offers received.
3. According to the applicant, the upset price of the properties of the company (in liquidation)was earlier fixed at Rs.3.54 crores and on that basis advertisement was published in the newspaper. Thereafter, the applicant filed an application to review the upset price and the Court revised the upset price to Rs.5.1 crore. Thereafter, the offers were invited. In all, three parties gave their offers. Out of that, two offers were rejected by the sale committee and one M/s.Palco Recycle Exchange Ltd. gave their offer of Rs.1.50 crores. After negotiations the said party has increased the offer to Rs.2 crores but sale committee found the said offer much below the upset price fixed by the Court and therefore the offer was rejected. Therefore present application has been moved to reduce the upset price and other prayers.
4. I have heard learned advocate Mr.J.R.Shah for the applicant and learned advocate Mr.Jani for respondent.
5. It appears that the Court had earlier fixed the upset price but that price was increased at the instance of the applicant. However,the offer received was much below the revised upset price. Therefore, the sale committee rejected the offer. It appears that proper offer was not received by the Official Liquidator.
6. In view of the fact that advertisement was published in a Gujarati Daily, which has circulation in some part of State of Gujarat only, it would be appropriate to direct the Official Liquidator to publish advertisements in local daily having circulation in the city of Rajkot where the properties are situate.
7. In view of above, the application is partly allowed. The respondent is directed to publish advertisement in any one English Daily, one Local Gujarati Daily newspaper and a Local Evening Newspaper having circulation in city of Rajkot inviting offer in respect of the properties. The applicant shall bear the expenses of publishing advertisements in local dailies. The Official Liquidator is at liberty to move the Court for de-sealing and re-sealing of the properties as and when offer is received by them. The application stands disposed of.
(Bankim N. Mehta, J.) sudhir