J. Sree Pujitha Chit Fund (P) Ltd (In Liqn) vs Nil - Order(1) - Unknown Date

HIGH COURT OF ANDHRA PRADESH

Sl.<br>No.	Date	ORDER	OFFICE<br>NOTE
14	18.04.2024	BSB, J<br>The Official Liquidator(OL)<br>filed the report and<br>sought the following permissions:<br>i)<br>to return the EMD amount of Rs.13,26,000/-<br>to<br>M/s, Siva Shakthi Automobiles, Rep. by Mr.<br>Sunkara Ratnakar<br>as they have not submitted<br>any bid within the schedule time mentioned in<br>sale notice.<br>ii)<br>permit the Official Liquidator to pay Rs.3,000/-<br>+ GST towards fees for unsuccessful auction<br>to M/s. e-<br>Procurement Technologies Limited<br>as per terms and conditions finalized in Assets<br>Sale Committee meeting.<br>iii)<br>permit the Official Liquidator to file I.A. in the<br>present C.A.No.9/2022 for conducting fresh e<br>auction of such assets of the company (In<br>Liqn) by reducing the Reserve Price after<br>holding<br>Assets<br>Sale<br>Committee<br>meeting<br>shortly.<br>The OL stated that according to the direction of<br>High Court of Telangana, the OL made publication of<br>the proposed sale by e-auction through various news<br>papers and that e-auction was conducted through the<br>service<br>provider<br>M/s.E-Procurement<br>Technologies<br>Ltd.,<br>It<br>is<br>further<br>stated<br>that<br>M/s.Siva<br>Shakthi
		Automobiles,<br>represted<br>by<br>Mr.Sunkara<br>Ratnakar<br>deposited EMD amount of Rs.13,26,000/-<br>(Rupees<br>Thirteen Lakhs Twenty Six Thousand only)<br>and since<br>no<br>bid<br>has<br>been<br>received,<br>e-auction<br>was<br>not

	conducted<br>on<br>15.03.2024,<br>however,<br>in<br>case<br>of
18.04.2024	unsuccessful auction, an amount of Rs.3,000/-<br>+ GST
	per property/per item would be charged by the service
	provider. Thus, the above reliefs are sought.
	As per the terms of the auction, if the highest
	offerer in the auction shall not be eligible to withdraw
	his/her<br>offer.<br>In<br>case,<br>highest<br>offerer<br>wants<br>to
	withdraw from the bid, EMD amount deposited with
	Official Liquidator will be forfeited and he/she shall not
	claim such EMD from Official Liquidator office in
	future.
	Hence there is no bar to refund the EMD.
	Under the above<br>circumstances<br>the<br>Official
	Liquidator is permitted to
	i)<br>to return the EMD amount of Rs.13,26,000/-<br>to<br>M/s, Siva Shakthi Automobiles, Rep. by Mr.<br>Sunkara Ratnakar<br>as they have not submitted<br>any bid within the schedule time mentioned in<br>sale notice.
	ii)<br>to pay Rs.3,000/-<br>+ GST towards fees for<br>unsuccessful auction to M/s. e-<br>Procurement<br>Technologies<br>Limited<br>as<br>per<br>terms<br>and<br>conditions finalized in Assets Sale Committee<br>meeting.<br>iii)<br>to file I.A. in the present C.A.No.9/2022 for<br>conducting fresh e-auction of such assets of the<br>company<br>(in<br>liquidation)<br>by<br>reducing<br>the<br>Reserve<br>Price<br>after<br>holding<br>Assets<br>Sale<br>Committee meeting shortly.

	Post on 02.05.2024.
	__________________<br>B.S.BHANUMATHI,J
	NSM