ORDER :

1. Heard learned advocate Mr. Shivang A. Thacker for the applicant.

2. By this report under section 481 of the Companies Act, 1956, the official Liquidator has prayed for dissolution of the company, named, M/s. Sarigam Steels Ltd. (in liquidation), which was ordered to be wound up vide order dated 09.01.2001 passed in Company Petition No.183 of 2000.

3. The report filed on behalf of Official Liquidator indicates that consequent upon the winding up order being passed by this Court, the Official Liquidator deputed his Official at the Office of Registrar of Companies, Gujarat, Ahmedabad to inspect the records of the said company maintained by the office of the Registrar of Companies, Gujarat to find out the assets and properties, liabilities, address of Registered Office, factory premises, Secured Creditors, and names and addresses of the Directors, as on the date of winding-up order. During such inspection, it was revealed that date of incorporation of the company under liquidation was 11.06.1984 and its registered office was situated at 6A Kumkum Society, Nr.Stadium Char Rasta, Ahmedabad-380014. The Factory situated at Plot No.1247, 1248 GIDC Sarigam Industrial Area, consisting of Revenue Survey No.54/P admeasuring 7145 Square Meters at Sarigam Village, Taluka : Umargoan, Dist. Valsad. Mr.Arun Gheesalal Verma, Mr. Dipak Ratilal Madia and Mr.Darshan Jivabhai Patel were Ex-Directors of the company and further that there were secured creditors of the Company namely Bank of Baroda and Bombay Mercantile Co. Opp. Bank Ltd.

4. The Official Liquidator had deputed official to take possession of factory premises situated at Plot No.1247, 1248 GIDC Sarigam Industrial Area, consisting of Revenue Survey No.54/P admeasuring 7145 Square Meters at Sarigam Village, Taluka:Umargoan, Dist.Valsad. The officials was observed that the possession of assets and properties was taken by the Court Receiver, High Court, Bombay as per the order dated 25th March, 1997 passed by the Hon'ble Bombay High Court in Suit No.584 of 1997. Therefore, the Official Liquidator could not take the possession of assets and properties of the company situated at Plot No.1247, 1248 GIDC, Sarigam Industrial Area, consisting of Revenue Survey No.54/P admeasuring 7145 Square meters at Sarigam Village, Taluka : Umargaon, Dist. Valsad.

5. The Official Liquidator has also received letter dated 15-02-2001 from the Court Receiver, High Court, Bombay in which he confirmed that they have taken possession of factory premises of the company situated at Plot No.1247, 1248 GIDC, Sarigam Industrial Area, consisting of Revenue Survey No.54/P admeasuring 7145 Square meters at Sarigam Village, Taluka : Umargaon, Dist. Valsad.

6. The Official Liquidator filed compliance report in the matter being Official Liquidator's Report No.32 of 2001 stating facts of the case in the said matter. The said Official Liquidators Report was disposed off by this Hon‘ble Court vide order dated 30.06.2003.

7. The International Assets Reconstruction Co. Pvt. Ltd. (assignee of Bank of Baroda) sold assets and properties of the company situated at Plot No.1247, 1248 GIDC, Sarigam Industrial Area, consisting of Revenue Survey No.54/P admeasuring 7145 Square meters at Sarigam Village, Taluka : Umargaon, Dist. Valsad to M/s. Neon Steel & Alloys Ltd. for sale consideration of Rs.2,59,00,000/- in terms of order passed by the Debt Recovery Tribunal-III, Mumbai passed in R. P. No.27 of 2006 in O. A. No.331 of 2001.

8. That, the International Assets Reconstruction Co. Pvt. Ltd. (assignee of Bank of Baroda) and Bombay Mercantile Bank have filed consent terms before the Debt Recovery Tribunal-III, Mumbai for the distribution of sale realization of Rs. 2,59,00,000/- received from sale of assets situated at Plot No.1247, 1248 GIDC, Sarigam Industrial Area, consisting of Revenue Survey No. 54/P. admeasuring 7145 Square meters at Sarigam Village, Taluka: Umargaon, Dist. Valsad. The Debt Recovery Tribunal-III, Mumbai has passed the