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TMI Blog2013 (3) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... he Hon ble Supreme Court. [3] Excluding the leasehold lands, freehold land admesruing 36250 square meters from plot No.32 included land admeasuring 18207 square meters claimed by U.L.C. Authority and 13895 square meters available with the company. [4] The Official Liquidator had filed Official Liquidator Report No.136 of 2010 in respect of assets of the company and pending the said report, two applications being Company Application No.97 of 2010 and Company Application No.191 of 2010 came to be filed proposing the scheme of compromise for revival of the company under Section 391 of the Companies Act (hereinafter referred to as the Act ). The learned company Judge found that since there was already an offer of ₹ 150 Crores for freehold land who though subsequently backed out but from such offer, the tentative value of such lands could be around ₹ 125 Crores and, therefore, it was neither advisable nor desirable to encourage any of the proposed scheme. Learned Judge in fact recorded that as per the proposed scheme the sponsor would require to spend ₹ 50 Crores to discharge all liabilities of the company against which they would get property worth ₹ 125 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Official Liquidator Report No.36 of 2011 wherein the Liquidator sought certain directions. Learned company Judge however was of the opinion that because of passage of time, there was revision in rates of different type of lands in the area of T.P.S.No.18 where the subject matter of the lands were situated and there was escalation of prices of the real estate in city of Ahmedabad. The Official Liquidator was, therefore, permitted to call for and place fresh opinion of the valuers about prevailing market price of the subject lands and, thereafter, to submit reports to the Court. The said direction was given by order dated 03.05.2011. It appears that thereafter, the Official Liquidator called for fresh valuation reports and the same was submitted in sealed cover before the Court. However, since the reports of two valuers since were found in slit open condition, the learned company Judge was of the view that the fresh valuation reports from same valuers were required and accordingly by order dated 08.12.2011, fresh valuation reports were called for and the same were ordered to be submitted before the Court in sealed cover and by order dated 30.01.2012, the said reports were directe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said day, on opening of the first sealed cover, the valuation report submitted by Gujarat Industrial and Technical Consultancy Organization Limited (GITCO), was found wherein valuation for freehold land admeasuring of 13895 square meters was stated at ₹ 5627.47 Lacs. From the second sealed cover, the valuation report submitted by Shri Pranav Parikh, Government Approved Valuer, was found and the valuation of the freehold land of 13895 square meters was stated at ₹ 5905.38 Lacs. The matter was then adjourned to 28.01.2013 for taking further course of action. [11] On the next date of hearing, learned advocate Mr.Sunit Shah with learned advocate Mr.R. J. Dave for the applicant of Company Application No.331 of 2012 submitted that since the valuation of the freehold land of company was found to be below ₹ 125 Crores, the Court needs to review and reconsider the earlier order whereby the proposal for the scheme was rejected and to take a fresh view of the matter as directed by the Hon ble Division Bench in O.J. Appeal. It is at that stage, this Court noticed that the freehold land mentioned in the order dated 21.09.2010 and in the order of the Hon ble Division Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced to the extent of more than 40%. He, therefore, submitted that considering the proposed revised development plan also, the valuation of the freehold land of the company admeasuring 13895 square meters could not be said to be more than ₹ 32 to 35 Crores. He submitted that as per the proposed revised plan, the lands of closed textile mills are to be used for institutions and affordable housing projects. He submitted that scheme proposed by the applicant is not only in consonance with the proposed plan but also for the benefits of workers. He, therefore, urged to review and reconsider the scheme proposed by the applicant as prayed for in Company Application No.331 of 2012 in light of the directions issued by the Hon ble Division Bench in O. J. Appeal No.63 of 2010. [13] As against the above arguments, learned advocate Mr.D. S. Vasavada appearing for the workmen submitted that once the value of the freehold land is found to be above ₹ 125 Crores, the applicants are not entitled for review or reconsider of their proposed scheme. He submitted that the workmen are waiting for more than 20 years for their dues and the co-owners of the leasehold lands also wanted final o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd considering the provisions of Section 391 of the Act, it appears that the learned company Judge while considering proposed scheme found that the applicant opted proposed scheme just with a view to take away the property of the company by spending an amount of ₹ 50 Crores as against the value of more than ₹ 125 Crores. Learned company Judge also found that the scheme proposed was also not in fact for revival of the company but to get possession of the land of the company under the guise of proposed scheme. At this stage, the statement made by the applicant of Company Application No.331 of 2012 in his application being Company Application No.191 of 2010 requires to be reproduced and the same is as under :- The scheme requires huge investment at initial stage. The applicants do no have that much money. The applicants have negotiated with the third parties who have funds and also experience and skill in the construction business as also readymade garments. [16] The above statement reflected the creditworthiness of the applicant. It clearly appears that the applicant was neither interested nor capable for revival of the business of the company but he anyhow wanted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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