The court emphasized the necessity of setting an upset price based on realizable market value to facilitate effective asset liquidation in compliance with statutory requirements.

ORAL ORDER

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

(a) “In view of facts stated in para (05) to (08) of this report, this Hon’ble Court may be pleased to approve the upset price and EMD as recommended by the members of the Asset Sale Committee for sale of the assets and properties of the company in liquidation or fix any other amount as upset price and EMD which this Hon’ble Court may consider fit and proper for inviting offers for sale of the assets and properties of the above-named company in liquidation, from the prospective bidders.

(b) “In view of fact stated in para (9) of this report, this Hon’ble Court may be pleased to permit the Official Liquidator to carry out e-auction of the sale of the assets and properties of the company in liquidation through M/s. RailTel Corporation of India Ltd. (c) “In view of fact stated in para (10) of this report, this Hon’ble Court may be pleased to approve the proposed sale schedule to sell the assets of the company in liquidation decided in the meeting of sale committee dated 25.07.2024

(d) In view of facts stated in para (11) & (12) of this report, the Hon’ble Court may be pleased to permit the Official Liquidator to publish sale proclamation in “Times of India”, English Script in Ahmedabad edition and in “Gujarat Samachar” in Gujarati Script in all Gujarati edition with proposed sale schedule and also on website of Ministry of Corporate Affairs as well as High Court of Gujarat or in any such Newspapers as may be directed by this Hon’ble Court (e) “This report is submitted for such other and further orders and directions as may be considered just and appropriate may also be passed”

2. Mr. Shivang A. Thacker, Ld. Panel Advocate appearing for the Official Liquidator, apprised that this Court vide order dated 29.01.2024 passed in Official Liquidator’s Report No. 09 of 2024, permitted the Official Liquidator to appoint Panel Valuer to carry out fresh Valuation of the assets and properties of the company in liquidation situated at Plot No. 84, Changodar Industrial Estate, Mouje Changodar, Tal. Sanand, Dist. Ahmedabad.

3. Mr. Thacker, Ld. Panel Advocate further apprised that in compliance of the said order, the Official Liquidator vide letter dated 07.02.2024 appointed M/s. Multi Engineers (Pvt.) Ltd., Panel Valuer to carry out fresh Valuation of the aforesaid assets and properties of the company in liquidation. M/s. Multi Engineers (Pvt.) Ltd., Panel Valuer has submitted Valuation Report of the assets and properties of the company in liquidation on 05.07.2024. On receipt of the Valuation Report, the Official Liquidator called a meeting of the asset sale committee on 25.07.2024.

4. In the meeting of the Asset Sale Committee dated 25.07.2024, the Official Liquidator apprised to the members of the Asset Sale Committee and opened the Valuation Report with the consent of the members of the Asset Sale Committee and placed the same before the members of the Committee. On perusal of the same it was observed that valuer has valued assets and properties of the company in liquidation in following manner:-

5. Mr. Thacker, Ld. Panel Advocate further informed that member of the Asset Sale Committee informed to the Official Liquidator that earlier the Asset Sale Committee made two attempts to sale of the assets and properties of the company in liquidation on the basis of Estimated Fair Market Value. However, no offer received from the intending purchasers on the said price. Therefore, it is proposed to fix Upset Price and EMD of the assets and properties of the company in liquidation on Realizable Market Value as suggested by Panel Valuer.

6. Mr. Thacker, Ld