THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY COMPANY APPLICATION No.1032 of 2014 in COMPANY PETITION No.108 of 2001 Dated: 13.08.2014 Between:
M/s. Allwyn Watches Ltd. (in liqn.) Rep. by the Official Liquidator, High Court at Hyderabad, For the State of Telangana and the State of Andhra Pradesh.
.. Applicant and The Principal Secretary to Government, Industies & Commerce Department, Government of Telangana, Secretariat, Hyderabad and 19 others. ..Respondents Counsel for the applicant: Mr. M. Anil Kumar The Court made the following:
ORDER:
The application is filed by the Official Liquidator on behalf of M/s. Allwyn Watches Limited (in liquidation) to take the valuation report on record submitted by M/s. K. Dhanapathi Rao & Associates, Valuer; to revise the fees of the Valuer from Rs.10,000/- to Rs.1,12,360/-; to permit the Official Liquidator to pay the fees of the Valuer out of the funds of the company in liquidation and to order that the costs of this application do come out of the assets of the company in liquidation.
In pursuance of order dated 31.12.2013 in Company Application No.1169 of 2013, M/s. K. Dhanapathi Rao & Associates, Valuer, has submitted the valuation report to the Official Liquidator, who, in turn, has filed the same along with this application. The valuation report is taken on record. The Registry shall place the report on the file of Company Petition No.108 of 2001. As two sets of the report have been submitted by the Valuer, the Registry is directed to furnish one set of the report to the learned counsel for the Official Liquidator on his approaching it.
In the order dated 02.06.2014 in Company Application No.691 of 2014, this Court has fixed Rs.10,000/- as the Valuer’s fees, on the representation made by the learned counsel for the Official Liquidator that the Valuer has claimed the said amount as the maximum fees.
Mr. M. Anil Kumar, learned counsel for the Official Liquidator, submitted that the said submission was made mistakenly and that due to inadvertence, he has failed to properly understand the letter of the Valuer, quoting the fees. He has further submitted that the maximum fees quoted by the Valuer was Rs.1,00,000/-, excluding the service tax at the rate of 12.36%.
A perusal of the Valuer’s report shows that there were more than 700 items of machinery, which had to be valued. As huge amount of work was involved in valuation, I feel that the claim of the Valuer is reasonable.
Accordingly, the fees of the Valuer is revised to Rs.1,00,000/-, besides payment of service tax of 12.36% on the said sum of Rs.1,00,000/-. The Official Liquidator is permitted to pay the Valuer’s fees from out of the funds of the company in liquidation. He is also permitted to meet the costs of this application out of the assets of the company in liquidation.
The application is accordingly disposed of.
C.V.NAGARJUNA REDDY, J 13th August, 2014 IBL