1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. COMPANY APPLICATION NO.1082 OF 2009 IN COMPANY PETITION NO.777 OF 1997 Smt.Rasika Rajendra Shah. ...Petitioner. And Anaya Infrastrucuture Pvt. Ltd. ...Applicant. Vs. The Official Liquidator of Rajesh Dyeing and Bleaching Works Pvt.Ltd. ...Respondents. .... WITH COMPANY APPLICATION NO.1241 OF 2009 IN COMPANY PETITION NO.777 OF 1997 Rajendra Bachubhai Shah. ...Petitioner. And Ventura Buildcon Pvt. Ltd. ...Applicant. Vs. The Official Liquidator of Rajesh Dyeing and Bleaching Works Pvt.Ltd. ...Respondents. .... WITH COMPANY APPLICATION NO.1266 OF 2009 IN COMPANY APPLICATION NO.1082 OF 2009 IN COMPANY PETITION NO.777 OF 1997 Rajesh B. Shah. ...Petitioner. Vs. 2 The Official Liquidator of Rajesh Dyeing and Bleaching Works Pvt.Ltd. ...Respondents. And M/s.Options Developers and Builders. ...Applicants. .... Mr.S.H. Deoctor, Sr.Advocate with Mr.Mukesh Jain and Ms.Veena Khatri i/b.Mr.Jaswant Khatodiya for the Applicant in CA 1082/09/. Mr.V.K. Sharma for the Applicant in C.A.1241 of 2009. Mr.Shailesh Shah i/b. M/s.Vinod Mistry & Co. for Intervener/Applicant in CA 1266/09. Mr.Deepak Chitnis for bidder Krishna Developers. Ms.Kavita Bansal for bidder Bhoomi Shashwant EstatePvt.Ltd. Mr.R.S. Sekhawat for Workers. Mr.P. Rama Rao, O.L. present. ..... CORAM : DR.D.Y.CHANDRACHUD, J. December 18, 2009. P.C. The Company, Rajesh Dyeing and Bleaching Works Pvt.Ltd., was ordered to be wound up on 19th February 1999. The Official Liquidator has stated that upon taking inspection of the records maintained in the office of the Registrar of Companies, he has taken possession of the registered office and factory of the Company situated at CTS No.687B and 662/1 at Kurla-Andheri Road, Saki Naka, Andheri (East), Mumbai. The movable assets have been sold pursuant to the oder of this Court. 3 2. By an order dated 20th November 2008, the Liquidator was directed to issue and publish a sale notice in the newspapers. The Official Liquidator issued a notice of sale in the Indian Express, Loksatta and Economic Times. However, no offer was received. By an order dated 15th January 2009, the Liquidator was permitted to invite offer from parties in any manner and to place them before the Court. No offer was received though the sale was published on the website of the Ministry of Corporate Affairs, the office and the Notice Board of the Liquidator. On 26th February 2009, the Official Liquidator was directed to make a further attempt for sale of the property by private treaty and a period of twelve weeks was granted. Though the sale notice was once again published on the website, no offer was received. 3. On 14th March 2008, the property has been valued by a panel valuer. The value was assessed at Rs. 31.5 crores. Subsequently on a resubmitted report of the Liquidator, the Liquidator was permitted to revalue the property. A fresh valuer was appointed and his valuation report was submitted on 12th August 2009. The 4 valuation report of M/s.Yardi Prabhu Consultants P. Ltd., Valuer, assessed the value of the property at Rs.31,53,22,000/-. 4. The Court by its order dated 19th November 2009, recorded that eighteen offers were received by the Official Liquidator, but none of them was accompanied by a Demand Draft for the earnest money deposit as required by the conditions of the sale. Company Application 1082 of 2009, was filed by Anaya Infrastructure Pvt.Ltd. seeking directions from the Court to pass an order for the sale of the immovable property in favour of the applicant for a total sum of Rs.35 crores to be paid in the specified manner. The proposal of the applicant was that the payment of Rs.35 crores would be made in stages; an amount of Rs.10 crores within fifteen days of the approval of sale by this Court against possession and the balance of Rs.25 crores within a period of twelve months from the date of possession together with interest at the prime lending rate of the State Bank of India 5. When the Company Application filed by Anaya 5 Infrastructure Pvt. Ltd. came up on 19th November 2009, Counsel appearing on behalf of the workers requested the Court to adjourn the proceedings for a week in order to enable the workers to obtain a higher offer accompanied by a Demand Draft for earnest money. Subsequently, on 26th November 2009, this Court recorded that there were three bidders before the Court, namely, (i) Options Developers; (ii) Ventura Buildcon Private Limited; and (iii) Krishna Developers Pvt. Ltd. All the bidders were called upon by the Court to furnish Demand Drafts of Rs.10 crores each as envisaged in the previous order in order to establish their bona fides. The Court directed accordingly that on the next date of hearing bids accompanied by a Demand Draft of Rs.10 crores shall be considered. 6. During the course of the hearing, four bidders have come forth before the Court each with a Demand Draft of Rs.10 crores. These are: (i) Anaya Infrastructure Pvt. Ltd.; (ii) Options Developers; (iii) Krishna Developers Pvt. Ltd. and (iv) Bhoomi Shashwat Pvt. Ltd. Each of the bidders submitted a Demand Draft of Rs.10 crores. All the bidders have agreed before the Court that they would abide by the 6 conditions of sale including that the balance representing 25% of the bid amount would be paid within three days, namely by 21st December 2009, while the remaining balance shall be paid within thirty days of the date of sanction. During the course of the hearing, before the Court, all the four bidders have expressed their desire to increase their bids. The bids have been permitted to be increased. After the process of bidding between the rival bidders, the highest bid has been enhanced from Rs.35 crores to Rs. 51.50 crores. The highest bid in the sum of Rs. 51.50 crores is of Anaya Infrastructure Pvt. Ltd. This being the highest bid, it would be appropriate for the Court to sanction the sale in favour of Anaya Infrastructure Pvt. Ltd. The bid is well above the reserve price and as already noted earlier, several efforts have been made in the past which had not borne fruit. In the circumstances, the sale in favour of Anaya Infrastructure Pvt. Ltd. is confirmed. The balance shall be paid in accordance with the terms and conditions of the sale. 7. The Liquidator is permitted to hand over possession and to execute requisite documents of title, after receipt of the full 7 consideration. In the event of default, the Official Liquidator shall place a report before the Court. 8. The Official Liquidator is permitted to return the Demand Drafts of the unsuccessful bidders. 9. The Company Applications are accordingly disposed of. ....