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TMI Blog2005 (8) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... -2003 for the assets of the Company-in-Liquidation, namely, Anik Ship Breaking Industries Ltd. 2. An affidavit is filed by Shri Ashoksingh Rathour - Manager of the applicant firm, in support of Judges Summons. Mr. H.S. Tolia, learned advocate appearing for the applicant has submitted that the Official Liquidator vide his letter dated 24-5-2002 appointed the applicant as security agency for the purpose of safeguarding the assets and properties of the Company and for that purpose, the applicant was directed to remain present at the registered office of the Company-in-Liquidation, situated at Bhavnagar on 4-6-2002 for the purpose of taking over the charge of assets and properties of the Company. He has further submitted that the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rayer made in the said report is for issuance of direction to Gujarat Maritime Board, the applicant in Company Application No. 409/2002 to deposit a sum of Rs. 2,23,250 towards security charges which have been paid by the Official Liquidator for safeguarding assets of the Company from 4-6-2002 to 28-3-2003. It is rather surprising that the present applicant has prayed for the direction to the Official Liquidator to make the payment of security expenses whereas the Official Liquidator has made the prayer in OLR No. 102/2003 that Gujarat Maritime Board should be directed to deposit sum of Rs. 2,23,250 towards the security charges which have been paid by the Official Liquidator. Since one of the issues involved in the said OLR was in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and therefore, this Court modified the order passed by it vide order dated 21-2-2003 by allowing Official Liquidator to take possession of the plot in question by affixing seal and the plot in question was handed over back to Gujarat Maritime Board. 5. Mr. Nanavati has further submitted that under section 47 of the Gujarat Maritime Board Act, Gujarat Maritime Board had a lien over all movable and immovable properties belonging to the Company if any amount is due and payable by the Company to the Board. He has further submitted that even otherwise from the sale proceeds of the movable property of the Company, Gujarat Maritime Board has a better claim over the Official Liquidator Mr. Nanavati has further submitted that the plot in quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Rs. 4.50 crores. The agreement of the pledge of the goods and assets in Form No. C-3 was also executed. The Bank s charge on the assets of the Company has been registered with the Registrar of Companies on 30-11-1995. She has further submitted that on default of payment the Bank instituted O.A. No. 78/1997 before the Debt Recovery Tribunal at Ahmedabad, and the recovery certificate dated 22-7-2002 was issued by the Tribunal by its order dated 22-7-2002. She has further submitted that pursuant to the order passed by this Court on 19-3-2002, the Official Liquidator has taken over the possession of the assets of the Company. Subsequently the premises in question was handed over to Gujarat Maritime Board pursuant to the order of this Court. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Official Liquidator was aware about the valuer s report which was obtained on 10-6-2002. The report says that Office building is consisted of ground floor area admeasuring 258 sq. mtrs., first floor area admeasuring 112 sq. mtrs., and miscellaneous room admeasuring 160 sq. mtrs. The report further states that no value was assigned to land because it was on lease from Gujarat Maritime Board for 10 years. Six years have passed and four years were remaining. The liability towards them is approximately Rs. 3 crores as per information given by valuer. Despite this observation made by the valuer in his report dated 10-6-2002 the Official Liquidator in his report filed on 6-11-2003 has observed that after taking possession of the plot in quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpanies-in-liquidation. At the time of obtaining the order from the Court for deployment of security guards, it was never pointed out as to how much is the area of the property which is sought to be protected. No justification is ever shown as to why a particular number of security guard is required. The details are also not produced before the Court. In the present case even the sanction is also not obtained till the property is handed over back to the Gujarat Maritime Board. No report to this effect was filed before the Court. But for some tacit understanding between the security agency and the Official Liquidator office to share security charges or some consideration flowing from security agency to the Official Liquidator Office, the all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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