1. Vide order dated 9.4.2012, this Court had passed the following order:-
"ADMIT.
Mr. P.J. Patel, learned counsel waives service of notice of admission on behalf of the respondent.
Order of advertisement is deferred till 30.04.2012."
2. Heard Ms. Amita S. Shah, learned advocate for the petitioner and Mr. Pradip J. Patel, learned advocate for the respondent.
3. Considering the averments made in the petition and the contents of the statutory notice, it appears that an amount of Rs.1 lac is due and payable. However, the respondent has not responded to the statutory notice. As averred in para 6 of the statutory notice, in fact a cheque of Rs.1 lac was handed over to the petitioner and on it being deposited in the bank, the said cheque was returned dishonoured with the endorsement "not sufficient funds". Thereafter, the statutory notice dated 14.3.2011 has been given. The respondent Company has given evasive reply to the present petition and on the contrary, the respondent Company has expressed in no uncertain terms that the other creditors have taken resort to the proceedings under SARFAESI Act, more particularly, HDFC Bank. It further appears that it is also averred in para 12 of the affidavit that the respondent Company is not in a position at present to repay and/or to refund the gold. It is also averred that the respondent Company has sustained huge loss and it is impossible to survive even by promoters by raising their funds since the liabilities of the Company and promoters are more than 5 times to the valuation of the property owned by the promoters. Even after the order of admission dated 9.4.2012, Mr. Patel could not point out anything further. Hence, the notice of hearing may be advertised in two newspapers Indian Express, English daily and Divya Bhaskar, Gujarati daily, both Ahmedabad edition notifying that the matter shall be heard for final hearing on 29.7.2012.
4. The Official Liquidator attached to this Court is hereby appointed as provisional liquidator and is further directed to take possession of assets and properties of the Company in liquidation and also take possession of the other belongings of the Company and submit his report before the next date of final hearing.
[R.M.CHHAYA, J.] mrpandya Top