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HIGH COURT OF ANDHRA PRADESH
CHALLA GUNARAJAN, J
M/s. Commercial Benefit Corporation – Appellant
Versus
Official Liquidator of M/s. Commercial Benefit Corporation – Respondent
Company Application No: 7 of 2025 | Company Petition Nos.10 to 16 of 1999 | Company Petition No.103 of 2008
For the Appellants/Petitioners: Sri T.V.P.Sai Vihari
For the Respondents:
The court sanctioned the appointment of a valuer for asset evaluation in a liquidation process, emphasizing the necessity to facilitate further liquidation steps.
Headnote:(A) Companies Act, 1956 - Section 457(1)(e) - Official Liquidator's application to appoint a valuer for assets in liquidation - The court approved engagement of valuer with fees of Rs.30,000 plus GST, noting the need for asset valuation to proceed with liquidation. (Paras 5, 6, 7)
(B) Liquidation process - Court's discretion in appointing valuers - The court held that the proposed valuer's fee was reasonable, authorizing payment from the company's liquidation funds. (Paras 6)
| Table of Content |
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| 1. court assesses application for appointment of a valuer. (Para 1 , 3) |
THE HONOURABLE SRI JUSTICE CHALLA GUNARANJAN COMPANY APPLICATION NO: 7 OF 2025 IN COMPANY PETITION NOS.10 TO 16 OF 1999 AND COMPANY PETITION NO.103 OF 2008 In the matter of M/s. Commercial Benefit Corporation & Seven other Firms(in Licluidation)
Official Liquidator of M/s. Commercial Benefit Corporation & Seven other Firms (in liquidation), Attached to High Court of Andhra Pradesh and Telangana, Hyderabad.
...Applicant Whereas, the Company Application under Section 457 (1)(e) of the Companies Act,1956 read with Rule 9 of the Companies (Court) Rules,1959 Praying that in the circumstances stated in the Judgejs Summons filed in support of the application the High Court may be pleased to permit the Official Liquidator to appoint Sri Sandeep Sasanapuri as valuer who has given `consent {o value the assets or any other Registered Valuer for valuation of the following lands located at Madanapalle, Annamayya District, Andhra Pradesh and direct the valuer to submit valuatl-on report in duplicate in sealed cover to the Official Liquidator;
e`
S].No 1.
Extent
Survey No,
Located at Chembukur Road, Eswaramma Colony,Madanapalle(Rural),AnnamayyaDistrict,AndhraPradesh.,
25 CENTS
223I
2.
37.5 555-lH r|hlTO
Basinikonda Village, h^-rI-n-n-l[^ hJd^.-^]^l
35 •CENTS
555-IQ
Annamayya District,AndhraPradesh Basinikonda Village, Madanapal'e Mandal,AnnamayyaDistrict,AndhraPradesh
3.
ii) permit the OffI'CiaI Liquidator to pay the valuation fee of Rs.30,OOO/-
plus GST as applicable along with conveyance charges not exeeeding Rs.4,000/-to the Valuer for valuation of above lands from the funds of the Firms (In Li-qn.).
iii) order that the cost of this application do come out of the assets of the company;
WHEREAS the said case ,coming on for hearing on this day and whereas the High Court, upon perusing the Judge's Summons filed in support thereof herein and upon considering the submissions of Sri T.V.P.Sai Vihari, Standing Counsel for Official Li'quidator, the Court made the following ORDER:
ff Present company application is filed seeking following relief: lc...permit the official Liquidator to appoint Sri Sandeep Sasanapuri as valuer who h'as given consent to value the assets or any other Registered Valuer for .valuation of the following lands located at Madanapalle, Annamayya District, Andhra Pradesh and direct the valuer to submit valuation report in -duplicate in sealed cover to the Official Liquidator;
tT` -- ¢
SI.No
Exte nt
Survey No.
Located at
1.
25 CENTS
223
Chembukur Road,EswarammaColony,IVladanapaIIe(Rural),AnnamayyaDistrict,AndhraPradesh.,
2-
37I5 CENTS
555_IH
Basinikonda Villat]e
IV]adanapalle Manda[,AnnamayyaDistrict,AndhraPradesh
3 35 CENTS.. . 555-IQ BasinI-kOnda Village,MadanapalleIVIandal,AnnamayyaDistrict,AndhraPradesh Permit the OffICIaI Llquldator to pay the valuation fee of Rs.30,000/- plus G.S.T. as applicable alongwith conveyance changes not exceeding Rs.4,000/-to the valuer for valuation of above lands from the funcls of the Firms (In Liqn.) I order that the cost of this applI-CatiOn dO come Out Of the assets Of the company,I and pass such orderlor orders as thI-S HonJble Court may deem fit and proper I-n the circumstances of the case..."
2| The company under liquidation was ordered to be wound up and official Liquidator came to be eppointed| Three of the properties, as mentioned in the application, extracted below, stated to be owned by the company in liquidation:
SI.No Extent . Survey No.
Local:ed at .
1. 25CENTS 223 Chembukur Road,Eswarammacolony, iMadanapaI[e(Rural),AnnamayyaDistrict,AndhraPradesh .)Basinikondavilage,lV]adanapaleManda[,.;AnamayaDistrict,AndhraPradesh
2- 37.5CENTS 555-lH
3-Off. - 35CENTS 555-IQ Basinikonda village, `MadanapalleMandaI,AnnamayyaDistrict,AndhraPradesh
3. I e [claI LIquldatOr has taken po
