2016 (2) TMI 1233 - HC - Companies Law

Maintainability of application - HELD THAT - Let this application appear for further consideration under the same heading three weeks hence. The Official Liquidator will continue the advertisements on the website inviting offers for sale of the properties on the basis of the order dated 4th December, 2015.

Summary

Issues involved: Valuation of properties for sale by the Official Liquidator.

The High Court of Calcutta, in a judgment delivered by Mr. Biswanath Somadder, J., addressed the issue of valuation of properties for sale by the Official Liquidator. The Court ordered that the Official Liquidator should continue advertising for offers for the sale of properties based on a previous order. Additionally, a fresh valuation of the properties was to be conducted by another Valuer, with the valuation report to be presented in a sealed cover in Court on the next date of hearing. The Court emphasized that all future valuation reports must be submitted in a sealed cover in Court, not in the Official Liquidator's office. This directive aimed to ensure transparency and prevent any undue influence in the valuation process. The judgment sought to maintain the integrity of the valuation process and uphold the principles of fairness and accountability in the sale of properties by the Official Liquidator.