IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COURT RECEIVER’S REPORT NO.315 OF 2009 IN COMPANY PETITION NOS. 454, 455 AND 456 OF 1989 Shamlal M. Achhipilya & Anr. ..Petitioners Vs. Krunal Indl. Estate Developers Pvt Ltd. & Ors. ..Respondents Mr. Nikhil Salian i/b Pravin Mehta Mithi & Co. for the Petitioners Mr. S. S.Shah with Mr. Rajesh Sethia for the Respondents CORAM: DR. D.Y. CHANDRACHUD, J. DATE: 25th November , 2009 P.C. : 1. Consent Terms were placed on the record of the Learned Company Judge on 19th September 2008, in terms whereof Company Applications No.1345 to 1347 of 2008 were disposed of. The Consent Terms interalia provide in clause (3) that the Court Receiver shall forthwith commence the process of sale of a residential flat being flat No.74 alongwith garage No.17 at Rajat Apartment Co-operative Housing Society Ltd., Mount Pleasant Road, Mumbai 400 006. By a further order dated 17th August 2009, passed by the Court, the Court Receiver was directed to issue an advertisement for the sale of the flat by public auction. The reserve price was fixed at Rs.6 crores. In pursuance thereof, the Receiver advertised the sale of the flat in the Times of India and Mumbai Samachar. The highest offer in the amount of Rs.660 lacs, is by M/s. Namco Corporation Ltd. The highest bidder has deposited an amount Rs.1,55,00,000/-. The reserve price was fixed on the basis of the valuation report of a panel valuer which states that the valuation should be Rs.5,96,33,000/-. 2. The highest bid is above the reserve price. In the circumstances, the Receiver’s report is made absolute in terms of prayer clause (a) and the sale in favour of the highest bidder is sanctioned. This would be subject to the highest bidder depositing the balance payable within a period of three weeks from today. 3. In terms of clause (8) of the terms and conditions of sale, certain further directions have been sought before the Court. The Receiver is directed to take further action in terms of clause (3) of the Consent Terms. Upon realisation of the balance purchase price, the Receiver is directed to execute the necessary documents to convey the title to the highest bidder. After the Receiver carries out the entire process as reflected in clause (3) of the Consent Terms, he shall stand discharged subject to the payment of his costs, charges and expenses. Upon discharge, the Receiver shall intimate all the concerned authorities to whom he had intimated his initial appointment, of the discharge of the Receiver. The charges of the valuer and any other expenses incurred shall be met out of the sale proceeds. (Dr. D.Y.Chandrachud, J)