THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1880 of 2011 15th December, 2011 Between :- M/s.Allwy Watches Ltd., (In Prov.Liqn.) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant And M/s.NMDC Limited, “Khanji Bhavan” 10-3-311/A, Castle Hills, Masab Tank, Hyderabad Rep.by Company Secretary & Executive Director (L&CC) .. Respondent THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1880 of 2011 ORDER:- This application has been taken out under Section 457 (1)(3) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 by the Official Liquidator representing M/s.Allwyn Watches Ltd., (In Prov.Liqn) seeking permission to handover the land admeasuring Ac.26.39 in Sy.No.425 and 420 situated at Patancheru, Medak District, along with buildings and civil works to M/s.NMDC Ltd. This Court by an order dated 11-12-2006 made in C.P.No.108 of 2001 appointed the Official Liquidator attached to this Court as Provisional Liquidator of M/s.Allwyn Watches Limited. The Official Liquidator took possession of the assets of the Company comprising of land, building, Plant & Machinery and current assets, situated at Sy.No.420 and 425, Patancheru, Medak District under a detailed inventory. The Official Liquidator appointed M/s.National Security Agency to safeguard the assets of the Company (in Provisional Liquidation) at Patancheru, Medak District, on a month salary of Rs.30,200/- w.e.f., 26-2-2007 and the same was came to be approved by this Court by an order dated 29-3-2007 in Company Application No.430 of 2007. The property came to be auctioned by the Official Liquidator. The respondent – M/s.NMDC Limited became the highest bidder having offered an amount of Rs.129,49,92,000/-. The sale came to be confirmed in favour of the respondent on 11-8-2008. The respondent - M/s.NMDC Limited paid the entire sale consideration. Hence, this application by the Official Liquidator to handover the land admeasuring Ac.26.39 in Sy.No.425 and 420 situated at Patancheru, Medak District, along with buildings and civil works to M/s.NMDC Ltd., and other allied reliefs. Learned Counsel appearing for the respondent - M/s.NMDC Limited submits that the respondent - M/s.NMDC Limited has no objection for retention of the Plant & Machinery and current assets for a period of six months or till the same are sold. Learned Counsel also submits that the respondent - M/s.NMDC Limited has no objection to allow the Official Liquidator to retain the security personnel of M/s.National Security Agency, deployed at Patancheru Unit till the disposal of Plant & Machinery and current assets. In that view of the matter, the application is ordered directing the Official Liquidator to handover the land admeasuring Ac.26.39 in Sy.No.425 and 420 situated at Patancheru, Medak District, along with buildings and civil works to M/s.NMDC Ltd. The respondent - M/s.NMDC Ltd. shall allow the Official Liquidator to retain the Plant & Machinery and current assets available in the Company’s premises at Patancheru for a period of six months or till the same are sold. The respondent - M/s.NMDC Ltd. also shall allow the Official Liquidator to retain the security personnel of M/s.National Security Agency deployed at Patancheru Unit till the disposal of Plant & Machinery and current assets therein. The respondent - M/s.NMDC Ltd. shall also allow the Official Liquidator and the secured creditors of the Company to enter into the premises for disposal of the Plant & Machinery and current assets at Patancheru. _________________________ B.Seshasayana Reddy, J 15th December,2011 smr