ORAL ORDER
1. This Court (Coram: C.L Soni, J.) by common order dated 26.03.2013 passed in Company Application No. 475 of 2011 in Official Liquidator's Report No. 36 of 2011 and allied matters, was pleased to direct the Official Liquidator to put the freehold land of the Company (in Liquidation) admeasuring 13895 Sq. Mtrs. Approx. situated at T.P No. 18 of F.P No. 32.P, bearing Survey No. 25, 27.B/1, 31, 38, Moje Rajpur-Hirpur, Outside Raipur Gate, behind New cloth Market, Opp. Hirabhai Market, Diwan Ballubhai Road, Raipur, Ahmedabad, to auction for sale by inviting offers from the intending purchasers in a sealed cover. Th relevant para-20 of the above mentioned order i quoted hereinbelow.
[20] The Official Liquidator is directed to put the freehold land of the company admeasuring 13895 square meters to auction for sale by inviting offers from the intending purchasers in sealed cover. The usual terms and condition for such auction shall be similar to the matter of M/s. Ahmedabad Manufacturing and Calico Printing Mills Co. Ltd. (Civil Application No. 183 of 2012).
The upset price of the land under auction shall be fixed at Rs. 55 Crores and earnest money deposit shall be fixed at 10% thereof.
The Official Liquidator shall give public notice of the sale in the two daily Gujarati newspaper having wide circulation in the State of Gujarat and in the city of Mumbai as also in one English newspaper Times of India in the State of Gujarat and in the city of Mumbai.
The schedule of program of sale shall be as under:
Sr. No Description Date
1
Date of Advertisement 10/04/13
2
Date of issue of Tender Forms 15/04/13
3
Date of inspection of property 22/04/13
4
Last date of receipt of offer in the office of Official Liquidator 29/04/13 upto 430 P.M
5 Opening of offers and auction/inter-se-bidding in the High Court of Gujarat 03/05/13 at 11.00 A.M and onwards
The matter shall be now listed on 3rd May 2013 for further action.
2. It further appears that pursuant to the said order, the Official Liquidator gave advertisement in the Gujarat Samachar, Gujarati Daily, in all editions, Divya Bhaskar, Gujarati Daily, in all editions, Mumbai Samachar, Gujarati daily in Mumbai Edition and the Times of India, English Daily, in Ahmedabad and Mumbai editions.
3. At the outset, it may be noted that in pursuance of the tender notice, two bidders viz. M/s. JPS Entrade International Pvt. Ltd. and M/s. Siddhi Developers through Shri Mehulbhai Patel, submitted their offers along with EMD in sealed covers to the office of the Official Liquidator. It may be noted that, thereafter, the matter came to be adjourned because of the fact that various bidders had filed applications for making their offers after obtaining the permission of the Court. Nine other bidders have deposited EMD along with late fee charges. It is also pertinent to note that the applications filed by the objectors were disposed of by order dated 16.12.2013 and the proceedings for auction were undertaken today.
4. Before the offers were permitted to be made by the bidders, at the request of the Court, Ms. Amee Yajnik, learned counsel for the Official Liquidator was asked to read the tender notice in open Court and accordingly, Ms. Yajnik read the whole notice in English language and thereafter, both the envelopes were opened in the Court. Ms. Yajnik also handed over two sealed covers containing offers made by M/s. JPS Entrade International Pvt. Ltd. and M/s. Siddhi Developers for perusal of the Court.
5. It may be noted that in all, there were total 11 bidders, who have participated in the auction proceedings.
Sr. No.
Name and Address of Intending Purchasers
Name the Bank and Branch
Pay Order/D. D.No
Amount (Rs.) EMD
1
M/s. JPS Entrade International Pvt. Ltd. 501, Panchsheel residency, Opp. Dr. Nathubhai Hospital, Usmanpura, Ahmedabad.
State Bank of India State Bank of India Bank of Baroda
365489 365490 077656
1,20,00,000 2,58,00,000 72,00,000 4,50,00,000/-
2
Mehul B. Patel, Siddhi Developers, 1st M/s. Floor, Arohi Complex, Bopal, Ahmedabada
Dena Bank
(0991) 360351
4,50,00,000
3
Advance Space Link Pvt. Ltd., 21-22, Advance Plaza, Outside Delhi Gate, Shahibaug, Ahmedabad-380 004
Kotak Mahindra Bank
226258
4,50,00,000 (EMD) + 4,80,822 late fee @ 15% for delayed period I.e 26 days
4
Aashita Construction Pvt. Ltd. 1-20-21, Narayan Chambers, B/h. Patang Hotel, Ashram road, Ahmedabad.
HDFC Bank
000448
4,50,00,000 (EMD)+ 4,81,500/- late fee @ 15% fordelayed period i.e 26 days
5
Rushay Commodities Pvt. Ltd.- B/9, S.F Sardar Mall, Nikol Gam Road, Ahmedabad
HDFC Bank
000082
4,50,00,000 (EMD)+ 6,41,000/- late fee @ 20% for delayed period i.e 26 days
6
Sparkling Tradefin Pvt. Ltd. 508-509, Shilp Building, C.G Road, Ahmedabad
Kotak Mahindra Bank
411585
4,50,00,000 (EMD)+ 15,53,425/- late fee @ 15% for delayed period i.e 84 days
7
M/s. Vision Impex Room No. 29, Second Floor, Bharaja Bhavan, 110/14, Kika Street, Gulalwadi, Mumbai-400 004.
BOI UCO Bank
036869 950434
2,70,00,000/- 1,80,00,000/-(EMD)+ 21,08,219/- late fee @ 15% for delayed period i.e 114 days
8
Balleshwar Greens Pvt. Ltd. 801-A, Mahalaya Building, Opp. Hotel President, Swastik Cross Road, Ahmedabad
Axis Bank
025061
4,50,00,000 (EMD)+ 23,50,000/- late fee @ 15% for delayed period i.e 127 days
9
Deo-Piyo Textiles Pvt. Ltd. 9/10, Shyamal Raw House, Satellite AD, Ahmedabad
Kotak Mahindra Bank
625130
4,50,00,000 (EMD)+ 24,04,500/- late fee @ 15% for delayed period i.e 127 days
10
Ajay Kumar Tehelyani 3, Chandra Palace, Jawahar Nagar, Nadiad
Indian Bank
896139
4,50,00,000 (EMD)+ 24,04,700/- late fee @ 15% for delayed period i.e 127 days
11
Vedica Procon Pvt. Ltd. 25, 4th Floor, Shukan Hospital, Shahibaug, Ahmedabad.
Dena Bank
105291 105292 105293 105294 105295 517750
4,50,00,000 (EMD)+ mall, Rajasthan 26,26,637/- late fee @ 15% for delayed period i.e 127 days
6. Today, the auction proceedings are undertaken in the open Court and after inter-se bid of 12 rounds, M/s. Vedica Procon Pvt. Ltd. has offered highest amount of Rs. 148 crores as the sale consideration. It may further be noted that the applicant of Company Application No. 295 of 2013, M/s. Balleshwar Greens Pvt. Ltd. is the second highest bidder and has offered Rs. 146 crores for the land in question. It may be noted that rest of the bidders withdrew their bids at various stages of 12 rounds.
7. In view of the aforesaid it transpires that M/s. Vedica Procon Pvt. Ltd. being the highest bidder, has offered Rs. 148 Crores (Rupees One Hundred Forty Eight Crores) for the land admeasuring 13895 Sq. Mtrs. Approx. situated at T.P No. 18 of F.P No. 32.P, bearing Survey No. 25, 27.B/1, 31, 38, Moje Rajpur-Hirpur, Outside Raipur Gate, behind New cloth Market, Opp. Hirabhai Market, Diwan Ballubhai Road, Raipur, Ahmedabad.
8. Ms. Amee Yajnik, learned counsel for the Official Liquidator, Mr. D.S Vasavada, learned counsel for respondent No. 6-Union, Mr. U.R Bhatt, learned counsel for respondent No. 1-State Bank of India and Mr. Anip Gandhi, learned counsel for the ARCIL, have expressed that the bid of M/s. Vedica Procon Pvt. Ltd. may be accepted.
9. In view of the above discussion, the bid of M/s. Vedica Procon Pvt. Ltd., being the highest bidder, who has offered Rs. 148 Crores for the land mentioned in the tender notice deserves to be accepted and is hereby accepted as per the tender conditions on as is where is basis and whatever there is basis.
10. Mr. Vimal Purohit, learned counsel for the applicant appearing in Company Application No. 304 of 2013, has expressed that the Court may permit one nominee. However, considering the conditions of the tender notice, no orders are passed today. It would be open for the applicant to approach this Court by way of filing a proper application. It may further be noted that as per condition No. 29 of the tender notice, EMD price of second highest bidder viz. M/s. Balleshwar Greens Pvt. Ltd.- applicant of Company Application No. 295 of 2013 shall be retained by the Official Liquidator. The Official Liquidator shall take appropriate actions as envisaged under the conditions of the tender notice, more particularly conditions No. 29, 32 and 33. As per the conditions of the tender notice, the Official Liquidator shall return EMD if any paid by the applicants of the unsuccessful bidders, except the applicant of Company Application No. 295 of 2013, as stated above, within the time prescribed in the tender notice. The envelopes containing offers given by M/s. JPS Entrade International Pvt. Ltd. and M/s. Siddhi Developers are returned back to the Official Liquidator in a sealed cover.
11. In view of the aforesaid, the present report stands disposed of. It is, however, clarified that the prayers prayed for in the prayer (B) is not granted as the Official Liquidator has already filed separate report being Official Liquidator's Report No. 76 of 2013. Ordered accordingly.