1 cp110-00 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR REPORT DATED 28.4.2011 IN COMPANY PETITION NO.110 OF 2000 In the matter of M/s.Pal Peugeot Ltd. (In Liqn.) Parikh G. Mansukhlal ....Petitioner Mr.F. DeVitre, Senior Counsel with Mr.P. Shah and Mr.P. Raggar i/b PDS Associates for M/s.Metropolitan Infra Housing Private Limited. Mr.S. Chandrana with Mr.S. Puruchari i/b M.K. Ambalal & Co. for ICICI. Mr.G.H. Shukla for Seth Employees Union. Mr.N.M. Ganguli for the workers. Dr.T. Pandian, Official Liquidator present. CORAM : S.J. VAZIFDAR, J. DATE : 5TH MAY, 2011. P.C. :- 1. There is a dispute between the Official Liquidator and M/s.Metropolitan Infra Housing Private Limited as to the extent of set off that the highest bidder is entitled to claim. However, for the purpose of proceeding with the sale and the formalities in connection therewith Mr.DeVitre states that without prejudice to the rights and contentions of the highest bidder, the highest bidder will deposit the balance amount, as directed by the Court Receiver based on the calculation of the Official 2 cp110-00 Liquidator’s of the amount of set off the highest bidder is entitled to. 2. The Official Liquidator shall communicate to M/s.Metropolitan Infra Housing Private Limited what according to him is the set off that the highest bidder is entitled to. The rival contentions regarding the amount of set off shall be determined at the final hearing of this report. 3. In the circumstances, the highest bidder is at liberty to deposit the amounts as aforesaid, without prejudice to all the rights and contentions to claim a refund, if so ordered by this Court. On the deposit, the Court Receiver shall proceed regarding the sale accordingly. In the event of it being found that the highest bidder’s contention regarding the extent of set off is upheld, they shall be entitled to a refund of the same. 4. Upon receipt of the amount, the Court Receiver and/or Official Liquidator, as the case may be, shall invest the amount forthwith in a nationalized bank initially for a period of six months and therefore for like periods of six months each. 5. The report is also made absolute in terms of paragraph 7 (b). Stand over to 30.6.2011.