THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1405 of 2008 Date:17th August, 2011 Between: M/s.Raghu Fabrics Ltd. (in liquidation), rep. by the Official Liquidator, High Court of A.P., Hyderabad. ….Applicant And Asset Reconstruction Company Limited, 17th Floor, Express Towers, Nariman Point, Mumbai-21, rep. by its Vice President. …Respondent **** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1405 of 2008 ORDER: This Company Application has been taken out by the Official Liquidator representing M/s.Raghu Fabrics Limited (in liquidation), under Section 457(1)( c ) & (e) of the Companies Act, 1956, r/w. Rules 272, 273 and 9 of the Companies (Court) Rules, 1959, seeking permission to sell the assets of the Company (in liquidation) as one lot comprising of land admeasuring Ac.1.65 cents, sheds and other structures, plant and machinery and equipments situated in Sy.No.300/1A in Bheemavaram Village, Vastavai Mandal, Krishna District, on ‘as is where is whatever there is’ basis by inviting sealed tenders by publication of sale notice. 2. This Court, by an order, dated 23.03.2006, passed in R.C.C.No.2 of 2003, directed for winding up of M/s.Raghu Fabrics Limited, and appointed the Official Liquidator attached to this Court as its liquidator. The Official Liquidator took possession of the assets of the Company (in liquidation) comprising of land, sheds, other structures and plant an machinery and equipments situated at its factory premises in Survey No.300/1A in Bheemavaram Village, Vastavai Mandal, Krishna District, on 18.05.2006. The properties came to be valued by M/s.V.Jagannadha Rao & Associates. A copy of the valuation report has been placed on record. The value of the land as stated in the application reads as hereunder: S.No. Description of Assets Valuation 1. Land adm. Ac.1.65 cents in Bheemavaram Village, Vastavai MNandal, Krishna District. Rs.24,75,000/- @ Rs.15.00 Lacs per acre. 2. Sheds & Other structures Rs.30,35,200/- 3. Plant & Machinery and Equipments Rs. 37,000/- Total Rs.55,47,200/- Earlier the Official Liquidator moved an application being Company Application No.1686 of 2006 seeking permission to sell the entire assets by fixing the up set value of Rs.45,00,000/- and EMD at Rs.9,00,000/-. The said application came to be allowed on 08.02.2007. However, no offers came to be received by the Official Liquidator. Therefore, the Official Liquidator was given liberty to move fresh application. Hence, this Company Application. 3. Heard learned counsel appearing for the Official Liquidator and perused the material brought on record. 4. As per the valuation stated in the application, the total value of the land along with structures, plant and machinery and equipments has been assessed at Rs.55,47,200/- which can be rounded to Rs.56,00,000/-. 5. Accordingly, the Official Liquidator is permitted to sell the assets of the Company (in liquidation) as one lot fixing the up-set price as Rs.56,00,000/- and EMD at Rs.5,00,000/-. The Official Liquidator has to advertise the sale notice in “THE INDIAN EXPRESSES’ (English daily) and “EENADU” (Telugu daily) Hyderabad Edition and Editions covering in Krishna District. The Official Liquidator is permitted to conduct inter se bidding after opening the tenders in the event of any necessity. The respondent is directed to deposit Rs.1,00,000/- to meet the expenses. The Official Liquidator is permitted to meet the expenses from the Estate and Establishment Fund, in the event of the respondent not depositing Rs.1,00,000/-. 6. Accordingly, the Company Application is ordered. ______________________ B.SESHASAYANA REDDY, J. Date:17th August, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1405 of 2008 Date:17th August, 2011