JUDGMENT :

R.M. Chhaya, J.

1. Both these appeals are directed against the order dated 14.10.2021 passed in Company Application No. 18 of 2021 in Company Petition No. 97 of 1995. The grounds and contentions raised in both the appeals are also similar and hence both the appeals were heard together and are disposed of by this common judgment and order

2. The following noteworthy facts emerge from the record of these appeals. The company name M/s Essen Computers Limited was ordered to be wound up vide order dated 7.4.1997 passed by this court in Company Petition No.97 of 1995. The matter pertains to the sale proceedings of assets of the company under liquidation situated at Block No.A/10, GIDC, Electronics Estate, Gandhinagar (hereinafter referred to as the "land in question"). The possession of the land in question was ultimately taken over by the official Liquidator attached to this Court and has averred before us two attempts were made earlier for sale and disposal of the land in question but said attempts did not yield any result. The record indicates that the official Liquidator filed the Report being OLR No.94 of 2020. The Company Court by an order dated 12.01.2021 was pleased to accept the prayers A & B of the said Report and passed the following order:

1. The official Liquidator has filed present report with following prayers :-

a) This Hon'ble High Court may be pleased to approve the Upset Price and EMD Price for sale of the assets and properties of the Company in liquidation as stated in para-5 (Table-"A") of this report or such other upset price, EMD, as may be considered appropriate by this Hon'ble Court.

b) This Hon'ble High Court may be pleased to permit the official Liquidator to issue advertisement in newspapers namely "Gujarat Samachar" Gujarati daily in all Gujarat Editions and "Times of India" in Ahmedabad Edition for inviting offers for sale of assets of the company in liquidation or in such other newspapers as may be considered appropriate by this Hon'ble Court and also permit the official Liquidator to make the payment of advertising agency on receipt of the bill from the common pool fund of various company in liquidation as maintained by the official Liquidator subject to adjustment against the sale consideration to be received in Company account.

c) This Hon'ble High Court may be pleased to approve the sale schedule for the assets of the Company in liquidation as stated in para-5 of this report or such other schedule, as may be considered appropriate by this Hon'ble Court;

d) *********

2) Learned Advocate Jeet Bhatt for the O/L submitted that earlier advertisement was published in newspapers on 25-03-2019 for sale of Plot No. A/10, GIDC Electronics Estate, Gandhinagar keeping upset price of Rs. 11,00,00,000/- and Earnest Money Deposit (EMD) of Rs. 1,10,00,000/- in terms of order dated 26-02- 2019 passed by this Court (Coram : Hon'ble Mr. Justice C.L. Soni) in official Liquidator's Report No. 26 of 2019. As no tender was sold and no offer received the official Liquidators Report No 88 of 2019 was preferred to place the said facts on record.

3) The official Liquidator thereafter carried out fresh valuation of the assets and properties of the Company in liquidation situated at A/10, GIDC Electronic Estate, Gandhinagar through Panel Valuer M/s. Multi Engineers. The valuer had submitted sealed cover valuation report. The official Liquidator called for the assets sale committee meeting on 22-07-2020 to take further course of action of sale of assets and properties situated at Plot No. A/10, GIDC Electronics Estate, Gandhinagar on the basis of the valuation report.

4) The sealed cover valuation report submitted by M/s. Multi Engineer was placed before the sale committee and it was opened and it was observed that the land Area of Plot No. A/10 is 10,000 Square Meters (approximately) is classified as Lease Hold Land allott