9911796707
TMI Blog2020 (3) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... ficial Liquidator, has filed his further report today, which is tendered in the Court today and taken on record. 2. The petitioners have prayed for the following reliefs: 25(A) Your Lordships may be pleased to sanction the Scheme of Amalgamation for Reconstruction for Renewable Power Projects Limited (in liquidation) respondent No.1 herein, as per Annexure- G to this petition, so as to make the same binding on all the shareholders, secured creditors and unsecured creditors of the respondent No.1; 25(AA) Your Lordships may be pleased to revoke the Oral Order dated 11.02.1999 delivered in Company Petition No.198 of 1996, ordering winding up of the Renewable Power Projects Limited and further be pleased to direct the Official Liquidator to handover the possession of assets of the Company along with the Books of Accounts and other records; (B) Your Lordships may be pleased to pass other incidental consequential and supplementary order and directions as may be necessary and deem fit by this Hon ble Court; 3. Earlier, the Official Liquidator had submitted his report dated 29.11.2019, wherein it has been stated that, secured creditors of the Company (in liquidatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rict Kheda. Accordingly, the Official Liquidator vide letter dated 05.04.1999 addressed to the Ex Directors and Secured Creditors requested them to remain present at the factory premises on 12.04.1999 and 13.04.1999 for taking possession of the assets of the said company. 6. That, the possession of the two properties of the Company (in liquidation) was taken by the office of the Official Liquidator situated at Survey No.248/1, Ahmedabad Surendranagar Highway, village Lakhtar, District Surendranagar and Survey No.485/2, Block No.709, Village Chhapra, District Kheda and thereafter, a compliance report being Official Liquidator s Report No.40 of 1999 was filed before this Court by the Official Liquidator and vide order dated 23.06.1999 passed by this Court in OLR No.40/1999, the matter was disposed of. 7. That, on 03.04.2007, the Ex Director, Shri Kandarp I. Pandya i.e. applicant of Company Petition No.8 of 2015 has filed the Statement of Affairs with the office of Official Liquidator. According to the said Statement of Affairs, the amount due and payable to unsecured creditors and equity shareholders are as under: a) Unsecured Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormed the bidders present that except Shri Sajjadhussain N. Mulla, if any other bidder turns out to be highest bidder, then they have to demolish the building structure and shall handover the possession of the land to Shri Sajjadhussain N. Mulla. Thereafter, the auction was held among the bidders and after auction / inter se bidding the highest offer received by the OL from Shri Suryakant S. Patel of ₹ 4.85 lakh and after discussion at length the aforesaid offer, it has been decided by the members of sale committee to place before the Court the aforesaid offer for confirmation or otherwise. 11. That, by an order dated 28.12.2004 passed by this Court in OLR No.65/2004, this Court was pleased to confirm the sale of land approx. 1289.09 sq. meter situated at Survey No.248/1, Ahmedabad Surendranagar Highway, village Lakhtar, District Surendranagar, for ₹ 4.85 lakh in favour of Shri Suryakant S. Patel. Thereafter, upon receipt of the entire purchase consideration from the said purchaser, the OL handed over possession of the land to the said purchase on 29.06.2005. 12. Thereafter, the second creditor ING Vysya Bank moved Company Application No.330/2006 before this Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Upset Price ₹ 17.00 lakh and EMD ₹ 2.00 lakh as per the valuation report submitted by GITCO. That, from time to time sale committee meetings were held and till date three attempts for sale of land of the Company situated at Survey No.485/2, Block No.709, Village Chhapra, District Kheda have been made. 16. That, as regards filing of Statement of Affairs under Section 454 of the Companies Act, 1956 is concerned, it is submitted that the Official Liquidator has issued notices on 16.07.1999 to the Ex-Directors of the Company (in liquidation) for filing Statement of Affairs. Thereafter, the OL filed a Criminal Case against the Ex Directors for non filing of Statement of Affairs under Section 454 of the Companies Act, 1956 and the same was disposed of vide order dated 08.03.2010 passed by this Court in Criminal Case No.5 of 2000. That, pursuant to the order dated 18.09.2009 passed by this Court in Criminal Case No.5 of 2000 also directed the Ex Director Shri Kandarp I. Pandya to remain present before the OL for recording of the statement upon the query found by OL based on the Statement of Affairs filed by the Ex Directors of the Company (in liquidation). Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le deed dated 12.03.2014 frequently sold the said property to one Shri Vipulbhai Ravjibhai Patel and also informed that the said Director had executed various agreement with many parties for the above property and annexed copy of aforesaid executed sale deed. In this connection, the OL vide letter dated 10.06.2015 informed the Collector / Mamlatdar / Sub Registrar, Mahemdabad, District Kheda to cancel the sale deed dated 12.03.2014 vide Document No.307/2014 executed by the Ex-Director of M/s. Renewable Power Project Ltd. in favour of Shri Vipulbhai Ravjibhai Patel for land admeasuring 15,479 Sq. Meter are void under the provision of Section 536(2) of the Companies Act, 1956. Further, the Sale Deed executed on 12.03.2014 vide Document No.307/2014 between the Ex Director of the Company, Shri Kandarp Pandya and Shri Vipulbhai Ravjibhai Patel is null and void as the property belongs to the Company M/s. Renewable Power Project Ltd. (in liquidation) formerly known as M/s. Gujarat Fuel Bonanza Ltd. as the above transaction took place after passing of winding up order. 21. That, the OL in reply to said letter dated 10.06.2015 received one letter dated 16 18.06.2015 from the Sub Registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforesaid matter. 26. That, the petitioner vide letters dated 12.06.2018 22.06.2018 deposited ₹ 24.00 lakh ₹ 7,40,000/ towards the expenses incurred by OL for the period from 02.07.2003 to 30.03.2018 pursuant to order dated 10.05.2018 passed by this Court in Company Petition No.8 of 2015. 27. It appears that in compliance of the order dated 10.05.2018, the OL had called upon the meeting of the creditors, but it seems that, none of the creditors remained present in the meeting. From the report filed by the OL, it transpires that respondent No.4, who is unsecured creditor has a claim of ₹ 30,000/ , which has been settled by the petitioner. 28. In view of the above mentioned facts and circumstances, present petition is allowed. Accordingly, the prayers prayed for in paragraph 25(A) and 25(AA) of the petition are hereby granted and the scheme of arrangement for revival of Company (in liquidation) i.e. Renewable Power Projects Ltd. is hereby approved (Annexure- G). 29. However, it is clarified that the petitioner would be responsible for all future liabilities of the Company (in liquidation) i.e. Renewable Power Projects Ltd. , if any. Copy of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
